Currency pair Euro/Dollar EUR/USD continues to move as part of a slight increase. Moving averages indicate a short-term bullish trend for the pair, prices were able to push off the signal lines, which indicates pressure from the bulls. At the time of the publication of the forecast, the EUR/USD rate is 1.1107. At the moment, we should expect an attempt to reduce and test the support level near the area of 1.1035. Further, the rebound and continued growth of the Euro/Dollar currency pair. The potential target of this movement is the area above the level of 1.1320.
EUR/USD Forecast Euro Dollar October 31, 2019
An additional signal in favor of raising the EUR/USD quotes will be a rebound from the ascending trend line on the relative strength index (RSI). The second signal will be a test of the upper boundary of the downward channel. Also, do not exclude an attempt to form a «Head and Shoulders» reversal pattern. At the moment, there is potential to complete the formation of the «right shoulder» of this model. Cancellation of the growth option for the quotes of the Euro/Dollar pair will be a fall and a breakdown of the level of 1.0925. This will indicate a breakdown of the support area and continued fall into the area at the level of 1.0725. Expect acceleration of growth for the EUR/USD pair is with the breakdown of the resistance area and closing above the level of 1.1205.
Among the important news from Europe and America, which may affect the rate of the EUR/USD pair, it is worth highlighting: European Union Gross Domestic Product (GDP) q/q.
EUR/USD Forecast Euro Dollar October 31, 2019 implies an attempt to correct and test the support area near the level of 1.1035. Where can we expect a rebound and an attempt to continue the growth of the pair in the area above the level of 1.1320. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in the currency pair. Cancellation of the growth option EUR/USD will be a fall and a breakdown level of 1.0925. This will indicate a breakdown of support and continued fall of the pair in the area below the level of 1.0725.
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