EUR/USD Forecast Euro Dollar October 27, 2020


Currency pair Euro/Dollar EUR/USD continues to move within the framework of a slight correction and bullish channel. Moving averages indicate a short-term bullish trend for the pair. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the European currency and a potential continuation of growth from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1832. As part of the Forex forecast for October 27, 2020, we should expect an attempt of a downward correction and a test of the support level near the 1.1775 area. Further, a rebound and continued growth of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area above the level of 1.1995.

EUR/USD Forecast Euro Dollar October 27, 2020

An additional signal in favor of raising the EUR/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the growth option for the Euro/Dollar currency pair will be a fall and a breakdown of the level of 1.1705. This will indicate a breakdown of the resistance area and a continued rise to the area at 1.1445. Expect confirmation of growth in the EUR/USD currency pair with the breakdown of the resistance area and closing prices above 1.1905.

EUR/USD Forecast Euro Dollar October 27, 2020

Among the important news from Europe and the United States, which may have an impact on the EUR/USD pair, it is worth highlighting: United States Core Durable Goods Orders m/m, The Conference Board United States Consumer Confidence Index.

EUR/USD Forecast Euro Dollar October 27, 2020 assumes the development of a correction and a test of the support area near the level of 1.1775. Where can we expect a rebound and an attempt to continue the growth of the pair to the area above the level of 1.1995. A test of the trend line on the relative strength index (RSI) will be in favor of raising the currency pair. Cancellation of the EUR/USD growth option will be a fall and a breakdown of the level of 1.1705. This will indicate a breakdown of support and a continuation of the fall of the currency pair on Forex to the area below the level of 1.1445.


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