Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. 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 rate of the Euro to the US Dollar is 1.1810. As part of the Forex forecast for September 17, 2021, we should expect an attempt to develop a slight fall in prices and a test of the support level, which is located on the pair near the 1.1695 area. Further, a rebound upward and the beginning of the rise of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area above the level of 1.1985.
EUR/USD Forecast Euro Dollar September 17, 2021
An additional signal in favor of the growth of the EUR/USD quotes will be a rebound from the lower curtain of the “Head and Shoulders” reversal pattern. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the growth option for the quotes of the Euro/Dollar currency pair will be a fall and a breakdown of the level of 1.1620. This will indicate a breakdown of the lower border of the reversal pattern and a continuation of the fall to the area at the level of 1.1465. It is worth waiting for confirmation of a rise in the EUR/USD currency pair with the breakdown of the resistance level and closing the price above the level of 1.1915, which will indicate a breakdown of the upper border of the “Head and Shoulders” reversal pattern.
EUR/USD Forecast Euro Dollar September 17, 2021 assumes the development of a correction and a test of the support area near the level of 1.1695. Where can we expect a rebound and an attempt to increase the fall of the pair to an area above the level of 1.1985. A test of the trend line on the relative strength index (RSI) will be in favor of raising the currency pair. Cancellation of the growth option for the EUR/USD pair will be a fall in quotations and a breakdown of the level of 1.1620. This will indicate a breakdown of the support area and the continuation of the fall of the currency pair on Forex to the area below the level of 1.1465.
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