Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.0344 and continues to move as part of a bullish correction and a downward 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 increase and a test of the resistance area near the level of 1.0545. Where is the expected rebound down and the continuation of the fall of the Euro Dollar. The potential target of the rise is the area below the level of 0.9295.
EUR/USD Weekly Forecast November 21 — 25, 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 option of falling quotes of the Euro/Dollar pair in the current trading week November 21 — 25, 2022 will be a strong growth and a breakdown of the level of 1.0745. 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 1.1165. With the breakdown of the resistance area and the closing of quotes above the level of 1.0055, we should expect confirmation of the rise in the pair, which will indicate a breakdown of the lower border of the bullish correction channel.
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: United States Core Durable Goods Orders m/m, Sales of new EIA United States Crude Oil Stocks Change, Ifo Germany Business Climate Index, Germany Gross Domestic Product (GDP) q/q.
EUR/USD Weekly Forecast November 21 — 25, 2022 suggests an attempt to develop a slight correction and test the resistance area near the level of 1.0545. Where should we expect the pair to continue falling in the Forex market to the area below the level of 0.9295. An additional signal in favor of the decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce the Euro Dollar will be a strong growth and a breakdown of the level of 1.0745. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.1165.
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