Currency pair Euro/Dollar EUR/USD continues to move within the framework of a slight correction and the formation of the “Triangle” model. Moving averages indicate a short-term bullish trend for the pair. Prices are again pushing the area between the signal lines, 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 1.1823. As part of the Forex forecast for October 28, 2020, we should expect an attempt of a downward correction and a test of the support level near the 1.1785 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 1.1965.
EUR/USD Forecast Euro Dollar October 28, 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 1.1755. This will indicate a breakdown of the resistance area and a continued rise to the area at the level of 1.1625. Expect confirmation of growth in the EUR/USD currency pair with a breakdown of the resistance area and closing prices above 1.1905, which will indicate a breakdown of the upper border of the ”Triangle” 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 28, 2020 assumes the development of a correction and a test of the support area near the level of 1.1785. Where can we expect a rebound and an attempt to continue the growth of the pair to the area above the level of 1.1965. 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 1.1755. 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 1.1625.
