Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the downward channel. Moving averages indicate the presence of a short-term lateral trend for the pair. In general, the current trend continues for quite some time and remains strong. At the time of the publication of the forecast, the Euro/Dolla rate is 1.0986. At the moment, we should expect an attempt to correct and test the resistance level near the area of 1.1015. 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 1.0825.
EUR/USD Forecast Euro Dollar October 9, 2019
An additional signal in favor of reducing the EUR/USD quotes will be a rebound from a downward trend line on the relative strength index (RSI). 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 1.1070. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1205. Expect to accelerate the fall in the EUR/USD pair with a breakdown of the lower border of the rising channel and closing below 1.0905.
Among the important news from Europe and America that may affect the EUR/USD pair rate, it is worth highlighting: United States JOLTS Job Openings, Federal Reserve System (Fed) Chair Powell Speech.
EUR/USD Forecast Euro Dollar October 9, 2019 implies an attempt to correct and test the resistance area near the level of 1.1015. Where can we expect a rebound and an attempt to continue the fall of the pair in the area below the level of 1.0825. 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 option of falling EUR/USD will be a strong growth and the breakdown level of 1.1070. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1205.