Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of the ”Triangle” model. 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 1.1700. As part of the Forex forecast for September 29, 2021, we should expect an attempt to develop a rise in prices and a test of the resistance level, which is located on the pair near the 1.1735 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 1.1575.
EUR/USD Forecast Euro Dollar September 29, 2021
An additional signal in favor of falling EUR/USD quotes will be a rebound from the upper border of the ”Triangle” pattern. 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 1.1805. This will indicate a breakdown of the upper border of the “Triangle” model and a continuation of the rise to the area at the level of 1.1965. Expect confirmation of a fall in the EUR/USD currency pair with the breakdown of the support level and closing of the price below 1.1635, which will indicate a breakdown of the lower boundary of the “Triangle” model and the beginning of the development of this pattern.
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, Federal Reserve System (Fed) Chair Powell Testimony, The Conference Board United States Consumer Confidence Index.
EUR/USD Forecast Euro Dollar September 29, 2021 assumes the development of a correction and a test of the resistance area near the level of 1.1735. Where can we expect a rebound and an attempt to fall in the pair to an area below the level of 1.1575. 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 of the level of 1.1805. 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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