Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1380. The pair continues to move in decline. Moving averages indicate a downward trend. At the moment, we should expect an attempt to correct and test the resistance area near the level of 1.1500. Where is expected to rebound and the continuation of the fall of the euro/dollar. The potential target of the decline is the area below 1.0935.
EUR/USD weekly forecast & analysis December 3 — 7, 2018
The test of the trend line on the relative strength index (RSI) will be in favor of the fall of the EUR/USD currency pair at Forex. And also test the upper limit of the bearish channel. Cancellation of the option of falling quotations of the pair in the current trading week December 3 — 7, 2018 will be a strong growth and the breakdown level of 1.1700.
This will indicate a breakdown of the upper boundary of the downward channel and the continued growth of the pair in the area above the level of 1.2050. With the breakdown of the support area and the closing of quotes below the level of 1.1160, we should expect confirmation of the development of a downtrend in the pair.
Among the important news from America and Europe in the next trading week that may affect the EUR/USD rate, it is worth highlighting: ISM Production Index, ISM Composite Index for non-production sphere, Unemployment Rate, Change in the number of people employed in non-agricultural sector.
EUR/USD weekly forecast & analysis December 3 — 7, 2018 implies an attempt to test the resistance area near the level of 1.1500. Where can we expect to continue the fall of the pair in the area below 1.0935. The test of the trend line on the relative strength index (RSI) will be in favor of the fall. Cancellation of the option to reduce the euro/dollar will be a strong growth and the breakdown level of 1.1700. In this case, we can expect the pair to continue to grow with a potential target at the level of 1.2050.