The currency pair EUR/USD completes the trading week near the area of 1.0770 and continues to move as part of the decline and the completion of the formation of a large double top reversal pattern. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the European currency and a likely continuation of growth from current levels. At the moment, we should expect an attempt to develop a bullish correction of quotes and a test of the resistance area near the level of 1.0935. Where is the expected rebound down and the continuation of the fall of the Euro Dollar. The potential target of the decline is the area below the level of 0.9805.
EUR/USD Forecast Weekly Forecast June 5 — 9, 2023
An additional signal in favor of a decrease in the EUR/USD currency pair on Forex will be a test of the resistance line on the relative strength indicator (RSI), while the values are rebounding from the support area on the RSI indicator chart, so there is a high probability of a strong bullish correction before the fall. The second signal will be a rebound from the lower border of the bullish channel, which was broken down by the sellers. Cancellation of the option of falling quotes of the Euro/Dollar pair in the current trading week June 5 — 9, 2023 will be a strong growth and a breakdown of the level of 1.1265. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.1675. With the breakdown of the support area and the closing of quotes below the level of 1.0385, which will indicate the breakdown of the lower border of the “Double Top” reversal pattern and the beginning of the pattern with targets at the bottom.
Among the important news from America and Europe in the next trading week that may have an impact on the EUR/USD rate, it is worth highlighting: Retail sales in the European Union m/m ISM United States Non-Manufacturing Purchasing Managers Index (PMI), EIA United States Crude Oil Stocks Change, European Union Employment Change q /q).
EUR/USD Forecast Weekly Forecast June 5 — 9, 2023 suggests an attempt to develop a bullish correction and test the resistance area near the level of 1.0935. Where should we expect the price to bounce down and the pair continue to fall in the Forex market to the area below the level of 0.9805. An additional signal in favor of the decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option of falling Euro Dollar will be a strong growth and a breakdown of the level of 1.1265. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.1675.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
