Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.0285 and continues to move as part of the development of strong growth and has left the descending channel. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the European currency and a likely continuation of the fall from current levels. At the moment, we should expect an attempt to develop a slight fall and test the support area near the level of 1.0105. Where is the expected rebound up and continued growth of the Euro Dollar. The potential upside target is the area above the level of 1.1045.
EUR/USD Weekly Forecast November 14 — 18, 2022
An additional signal in favor of the growth of the EUR/USD currency pair on Forex will be a test of the trend line on the relative strength index (RSI), which was broken up by buyers. The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the growth option for the Euro/Dollar pair quotes in the current trading week November 14 — 18, 2022, will be a fall and a breakdown of the level of 0.9585. This will indicate a breakdown of the support area and a continuation of the fall of the pair to the area below the level of 0.9175. With the breakdown of the resistance area and the closing of quotes above the level of 1.0495, we should expect confirmation of the rise 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: European Union Employment Change q/q, ZEW Germany Economic Sentiment Indicator, United States Retail Sales m/m, United States Existing Home Sales.
EUR/USD Weekly Forecast November 14 — 18, 2022 suggests an attempt to develop a slight correction and test the support area near the level of 1.0105. Where should we expect the pair to continue to grow in the Forex market to the area above the level of 1.1045. An additional signal in favor of the rise will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for the Euro Dollar will be a fall and a breakdown of the level of 0.9585. In this case, we should expect the pair to continue to decline with a potential target at the level of 0.9175.
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