EUR/USD Forecast November 13 — 17, 2023


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The Euro/Dollar currency pair EUR/USD ends the trading week with a correction near the 1.0683 area. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the European currency and a likely continuation of the fall from current levels. At the moment, we should expect an attempt to develop a rise in the pair’s quotes and a test of the resistance area near the level of 1.0735. Where is the expected rebound downwards and the continuation of the fall of the Euro Dollar. A potential downward target is the area below the level of 0.9945.

EUR/USD Forecast November 13 — 17, 2023

An additional signal in favor of a decline in the EUR/USD currency pair on Forex will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper border of the Bear Flag pattern. Cancellation of the option of falling quotes of the Euro/Dollar pair in the current trading week of November 13 — 17, 2023 will be a strong growth and a breakdown of the level of 1.0965. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1245. With a breakdown of the support area and closing of quotes below the level of 1.0495, which will indicate a breakdown of the lower boundary of the Bear Flag model and the beginning of the development of a pattern with targets below.

EUR/USD Forecast November 13 — 17, 2023

EUR/USD Forecast November 13 — 17, 2023 suggests an attempt to develop a bullish correction and test the resistance area near the 1.0735 level. Where can we expect a price rebound downwards and a continuation of the pair’s fall on the Forex market to the area below the level of 0.9945. An additional signal in favor of a decline will be a test of the resistance line on the relative strength indicator (RSI). Cancellation of the Euro/Dollar fall option will be a strong growth and a breakdown of the level of 1.0965. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.1245.


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