Currency pair Euro/Dollar EUR/USD continues to move as part of the bullish correction and the downward channel. Moving averages indicate a short-term bearish trend for the pair, prices continue to push from the area between the lines, which indicates pressure from the bears. In general, the current trend continues for quite some time. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0950. At the moment, we should expect an attempt to correct and test the resistance level near the area of 1.1025. Further, the rebound and continued fall of the Euro/Dollar currency pair. The potential target of this movement is the area below the level of 1.0715.
EUR/USD Forecast Euro Dollar October 4, 2019
An additional signal in favor of lowering EUR/USD quotes will be a rebound from a broken trend line on the relative strength index (RSI), as we see, the values of the indicator continue to be repelled from this line. The second signal will be a test of the upper boundary of the downward channel. Cancellation of the option to reduce the quotes of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.1120. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1255. Expect to accelerate the fall in the EUR/USD pair with the breakdown of the support area and closing below 1.0825.
Among the important news from Europe and America that may affect the EUR/USD pair rate, it is worth highlighting: Federal Reserve System (Fed) Chair Powell Speech, United States Nonfarm Payrolls.
EUR/USD Forecast Euro Dollar October 4, 2019 implies an attempt to correct and test the resistance area near the level of 1.1025. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0715. In favor of reducing the currency pair, a test of a downward trend line on the relative strength index (RSI) will come out. Cancellation of the fall of the EUR/USD instrument will be a strong growth and the breakdown of the level of 1.1120. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1255.
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