Currency pair Euro/Dollar EUR/USD continues to move as part of the beginning of the fall and the formation of a large “Triangle” model. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices bounced off the area between the signal lines, which indicates pressure from sellers of the European currency and a potential continuation of the fall in asset quotes already from current levels. At the time of the publication of the forecast, the EUR/USD exchange rate is 0.9771. As part of the Forex forecast for October 20, 20222, we should expect an attempt to develop a slight rise in prices and a test of the resistance level, which is located on the pair near the area of 0.9885. 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 0.9245.
EUR/USD Forecast Euro Dollar October 20, 2022
An additional signal in favor of falling EUR/USD quotes tomorrow will be a rebound from the upper border of the “Triangle” model. The second signal in favor of this option will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the option of falling quotes of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.0085. This will indicate a breakdown of resistance and a continuation of the rise to the area at the level of 1.0275. It is worth waiting for confirmation of the fall in the EUR/USD currency pair with a breakdown of the support level and closing the price below the level of 0.9495, which will indicate a breakdown of the lower border of the “Triangle” model and the beginning of the pattern with targets below.
Among the important news from Europe and the United States that may affect the rate of the EUR/USD pair, it is worth highlighting: European Union Leaders Summit, United States Existing Home Sales.
EUR/USD Forecast Euro Dollar October 20, 2022 suggests an attempt to develop a slight correction of the pair and test the resistance area near the level of 0.9885. Where should we consider the price rebound down and an attempt to continue the fall of the currency pair in the market to the area below the level of 0.9245. The test of the bearish trend line on the Relative Strength Index (RSI) will come out in favor of the instrument’s decline in the Forex market. Cancellation of the option of falling the EUR/USD pair will be a strong growth in quotes and a breakdown of the level of 1.0085. 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 1.0275.
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