The Euro/Dollar currency pair EUR/USD ends the trading week with a bullish correction near the 1.0704 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 growth in the pair’s quotes and test the resistance area near the level of 1.0865. 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 0.9775.
EUR/USD Forecast November 6 — 10, 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 6 — 10, 2023, will be a strong growth and a breakdown of the level of 1.0935. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1215. With a breakdown of the support area and closing of quotes below the level of 1.0505, 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 6 — 10, 2023 suggests an attempt to develop a bullish correction and test the resistance area near the 1.0865 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 0.9775. 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 breakdown of the level of 1.0935. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.1215.
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