Currency pair Euro/Dollar EUR/USD continues to move within the framework of strong growth and a downward channel. Moving averages indicate a short-term bearish 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 the fall in asset quotes from current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1670. As part of the Forex forecast for October 29, 2021, we should expect an attempt to continue the development of a bullish price correction and a test of the resistance level, which is located on the pair near the 1.1720 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 1.1525.
EUR/USD Forecast Euro Dollar October 29, 2021
An additional signal in favor of falling EUR/USD quotes will be a rebound from the upper border of the bearish ”Wolfe Wave” pattern. The second signal will be a rebound from the downward resistance 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 important resistance and a continued rise to the area at the level of 1.1985. It is worth waiting for confirmation of a fall in the EUR/USD currency pair with the breakdown of the support level and closing the price below 1.1555.
Among the important news from Europe and the United States that may have an impact on the EUR/USD pair, it is worth highlighting: France Gross Domestic Product (GDP) q/q, Germany Gross Domestic Product (GDP) q/q, European Union Gross Domestic Product (GDP) q/q.
EUR/USD Forecast Euro Dollar October 29, 2021 assumes the development of a correction and a test of the resistance area near the level of 1.1720. Where can we expect a rebound and an attempt to drop the pair to an area below the level of 1.1525. 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 1.1795. 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 1.1985.
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