Currency pair Euro/Dollar EUR/USD continues to move as part of the fall and the downward channel. Moving averages indicate a short-term bearish trend for the pair. 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 in the asset quotes from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1538. As part of the Forex forecast for October 7, 2021, we should expect an attempt to develop a price correction and a test of the resistance level, which is located on the pair near the 1.1575 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 1.1365.
EUR/USD Forecast Euro Dollar October 7, 2021
An additional signal in favor of falling EUR/USD quotes will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the trend 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 1.1675. This will indicate a breakdown of the upper border of the channel and a continued rise to the area at the level of 1.1965. 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 1.1485.
EUR/USD Forecast Euro Dollar October 7, 2021 assumes the development of a correction and a test of the resistance area near the level of 1.1575. Where can we expect a rebound and an attempt to drop the pair to an area below the level of 1.1365. 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 at the level of 1.1675. 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 1.1965.
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