Currency pair Euro/Dollar EUR/USD continues to move within the framework of a slight fall and the beginning of the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bullish trend for the pair. However, prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the European currency and a potential continuation of the fall from the current levels. At the time of the publication of the forecast, the EUR/USD rate is 1.1735. As part of the Forex forecast for October 29, 2020, we should expect an attempt of a downward correction and a test of the resistance level near the 1.1865 area. Further, the rebound and 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 1.1455.
EUR/USD Forecast Euro Dollar October 29, 2020
An additional signal in favor of falling 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 reversal pattern. 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 1.1905. This will indicate a breakdown of the resistance area and a continued rise to the area at the level of 1.2125. Expect confirmation of a fall in the EUR/USD currency pair with the breakdown of the support area and closing prices below 1.1645, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” model.
Among the important news from Europe and the United States that may have an impact on the EUR/USD pair, it is worth highlighting: United States Gross Domestic Product (GDP) q/q, European Union Leaders Summit, European Central Bank (ECB) Interest Rate Decision, European Central Bank (ECB) Monetary Policy Press Conference.
EUR/USD Forecast Euro Dollar October 29, 2020 assumes the development of a correction and a test of the resistance area near the level of 1.1865. Where can we expect a rebound and an attempt to continue the pair’s fall to the area below the level of 1.1455. 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 of the level of 1.1905. This will indicate a breakdown of the resistance area and continued growth of the currency pair on Forex to the area above the level of 1.2125.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
