Currency pair Euro Dollar EUR/USD completes the trading week near the 1.1407 area. The pair continues to move within the correction. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.1505. 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 1.0955.
EUR/USD weekly forecast & analysis January 7 — 11, 2019
The test of the trend line on the relative strength index (RSI) will be in favor of the EUR/USD currency pair falling 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 of January 7 — 11, 2019, will be a strong growth and the breakdown level of 1.1650. 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 1.1255, 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 composite index for non-production sphere, Publication of the minutes of the Fed meeting, Consumer price index, Consumer price index excluding food prices and energy.
EUR/USD weekly forecast & analysis January 7 — 11, 2019 implies an attempt to test the resistance area near the level of 1.1505. Where can we expect to continue the fall of the pair in the area below 1.0955. In favor of the fall will make a test trend line on the indicator of relative strength index (RSI). Cancellation of the option of reducing the euro dollar will be a strong growth and the breakdown level of 1.1650. In this case, we can expect the pair to continue to grow with a potential goal at the level of 1.2050.