Currency pair Euro/Dollar EUR/USD continues to move as part of the decline and the beginning of the development of the «Triangle» model. Moving averages indicate the presence of a short-term bearish trend for the pair. At the time of the publication of the forecast, the Euro/Dollar rate is 1.0935. At the moment, we should expect an attempt to grow and test the resistance level near the 1.1015 area. 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 1.0805.
EUR/USD Forecast Euro Dollar September 4, 2019
An additional signal in favor of reducing the EUR/USD quotes will be a rebound from a broken trend line on the relative strength index (RSI). The second signal will be the test of the lower bounds of the «Triangle» model. 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 1.1145. This will indicate a breakdown of the resistance area and continued growth in the area at the level of 1.1285. Expect confirmation of a fall in the EUR/USD pair with the breakdown of the support area and closing below 1.0875.
Among the important news from Europe and America that may have an impact on the EUR/USD pair, it is worth highlighting: European Union Retail Sales m/m.
EUR/USD Forecast Euro Dollar September 4, 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 1.0805. 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 1.1145. This will indicate a breakdown of resistance and continued growth of the pair in the area above the level of 1.1285.
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