Currency pair Euro/Dollar EUR/USD continues to move within the framework of a strong bullish correction and a downward channel. Moving averages indicate a short-term bearish trend for the pair. Prices are testing the area between the signal lines, 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 Euro/US Dollar rate is 1.1778. As part of the Forex forecast for October 7, 2020, we should expect an attempt to grow and test the resistance level near the 1.1835 area. Further, the rebound 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 1.1415.
EUR/USD Forecast Euro Dollar October 7, 2020
An additional signal in favor of a fall in EUR/USD quotes will be a test of the downward 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 option of falling quotations of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.1895. 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 1.1695.
Among the important news from Europe and the United States that may have an impact on the EUR/USD pair, it is worth highlighting: Speech by the President of the European Central Bank (ECB) President Lagarde Speech, United States JOLTS Job Openings, Federal Reserve System (Fed) Chair Powell Speech.
EUR/USD Forecast Euro Dollar October 7, 2020 assumes the development of a correction and a test of the resistance area near the level of 1.1835. Where can we expect a rebound and an attempt to continue the pair’s fall to the area below the level of 1.1415. 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 fall option will be a strong growth and a breakdown of the level of 1.1895. This will indicate a breakdown of resistance and a continuation of the rise of the currency pair on Forex to the area above the level of 1.2125.
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