Currency pair Euro/Dollar EUR/USD continues to move as part of strong growth and a downward channel. The potential for the formation of a reversal pattern “Head and Shoulders” remains. Moving averages indicate the presence of a short-term bearish trend for the pair. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the European currency and a potential continuation of the growth of asset quotes already from current levels. At the time of the publication of the forecast, the EUR/USD exchange rate is 0.9750. As part of the Forex forecast for November 9, 2022, we should expect an attempt to develop a slight price increase and a test of the resistance level, which is located on the pair near the area of 1.0035. Further, a rebound down and the beginning 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 0.9395.
EUR/USD Forecast November 9, 2022
An additional signal in favor of falling EUR/USD quotes tomorrow will be a rebound from the upper border of the descending channel. The second signal in favor of this option will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the option of falling quotes of the Euro/Dollar currency pair will be a strong growth and a breakdown of the level of 1.0165. This will indicate a breakdown of resistance and a continuation of the rise to the area at the level of 1.0375. It is worth waiting for confirmation of the fall in the EUR/USD currency pair with a breakdown of the support level and closing the price below the level of 0.9665, which will indicate a breakdown of the lower border of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets below.
EUR/USD Forecast November 9, 2022 suggests an attempt to develop a slight bullish correction of the pair and a test of the resistance area near the level of 1.0035. Where should we consider a price rebound down and an attempt to continue the fall of the currency pair in the market to the area below the level of 0.9395. The test of the bearish trend line on the Relative Strength Index (RSI) will come out in favor of the instrument’s decline in the Forex market. Cancellation of the option of falling the EUR/USD pair will be a strong growth in quotes and a breakdown of the level of 1.0165. 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 1.0375.
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