Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1349. The pair continues to move in decline. At the moment, we should expect an attempt to test the resistance area near the level of 1.1585. 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 the level of 1.1120.
EUR/USD weekly forecast & analysis November 12 — 16, 2018
The test of the trend line on the relative strength index (RSI) will be in favor of the fall of the currency pair EUR/USD 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 November 12 — 16, 2018 will be a strong growth and the breakdown of the level of 1.1720. 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 1.1200, 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, which may have an impact on the EUR/USD rate, it is worth highlighting: Consumer price index, Consumer price index excluding prices for food and energy, Changes in retail volume.
EUR/USD weekly forecast & analysis November 12 — 16, 2018 implies an attempt to test the resistance area near the 1.1585 level. Where can we expect to continue the fall of the pair in the area below the level of 1.1120. A 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 1.1720. In this case, we can expect the pair to continue to grow with a potential goal at the level of 1.2050.
