Currency pair Euro Dollar EUR/USD ends the trading week near the 1.1435 area and continues to move in line with the decline. At the moment, we should expect an attempt to test the resistance area near the level of 1.1580. Where is expected to rebound and the continuation of the fall of the euro dollar with a potential target below the level of 1.1020.
EUR/USD weekly forecast & analysis November 5 — 9, 2018
A test of the trend line on the relative strength index (RSI), as well as a test of the upper limit of the bearish channel, will be in favor of reducing the EUR/USD currency pair at Forex. Cancellation of the option of falling quotations of the pair in the current trading week on November 5 — 9, 2018 will be a strong growth and a breakdown of the level of 1.1720, which will indicate a breakdown of the upper limit of the downward channel and the continuation of the pair’s growth to 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 affect the EUR/USD rate, it is worth highlighting: Composite ISM index for non-production sphere, FOMC Decision on basic interest rate, Producer Price Index.
EUR/USD weekly forecast & analysis November 5 — 9, 2018 implies an attempt to test the resistance area near the 1.1580 level, from which we can expect the pair to continue to fall below 1.1020, the test of the trend line on the relative strength index (RSI) will act in favor, canceling the variant the euro will decline, the dollar will become a strong growth and the breakdown of the level of 1.1720, in this case, we can expect the pair to continue to grow with the potential target at 1.2050.a