Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the downward channel. This is also where the ”Wedge” model is formed. Moving averages indicate a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the European currency and a potential continuation of the fall in asset quotes from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1652. As part of the Forex forecast for October 20, 2021, we should expect an attempt to develop a price correction and test the resistance level, which is located on the pair near the 1.1695 area. Further, a rebound down and the continuation of the fall of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area below the level of 1.1465.
EUR/USD Forecast Euro Dollar October 20, 2021
An additional signal in favor of falling EUR/USD quotes will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown at the level of 1.1795. This will indicate a breakdown of the upper border of the channel and a continued rise to the area at the level of 1.2095. Expect confirmation of a fall in the EUR/USD currency pair with a breakdown of the support level and closing prices below 1.1535, which will indicate a breakdown of the lower boundary of the ”Wedge” model.
Among the important news from Europe and the United States, which may have an impact on the EUR/USD pair, it is worth highlighting: EIA United States Crude Oil Stocks Change.
EUR/USD Forecast Euro Dollar October 20, 2021 assumes the development of a correction and a test of the resistance area near the level of 1.1695. Where can we expect a rebound and an attempt to drop the pair to an area below the level of 1.1465. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the currency pair. Cancellation of the EUR/USD pair fall option will be a strong growth in quotations and a breakdown at the level of 1.1795. This will indicate a breakdown of the resistance area and a continuation of the rise of the currency pair on Forex to the area above the level of 1.2095.
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