Currency pair Euro Dollar EUR/USD completes the trading week near the area of 0.9931 and continues to move as part of the development of a bullish correction and a downward channel. Moving averages indicate a bearish trend. Prices broke down 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 bullish correction and a test of the resistance area near the level of 0.9985. Where is the expected rebound and continued fall of the Euro Dollar. The potential target of the decline is the area below the level of 0.9005.
EUR/USD Weekly Forecast November 7 — 11, 2022
An additional signal in favor of the fall of the EUR/USD currency pair on Forex will be a test of the downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option to reduce the quotes of the Euro/Dollar pair in the current trading week November 7 — 11, 2022 will be a strong growth and a breakdown of the level of 1.0245. This will indicate a breakdown of the resistance area and continued growth of the pair to the area above the level of 1.0485. With the breakdown of the support area and the closing of quotes below the level of 0.9505, we should expect confirmation of the decline in the pair. It is quite likely that a “Head and Shoulders” reversal pattern is being formed on a small timeframe, so a good area for sales will be at the level of 1.0030, with a breakdown of the level of 0.9685, it is worth considering the completion of this model and a strong fall in price to the level of 0.9275.
Among the important news from America and Europe in the next trading week that may affect the EUR/USD rate, it is worth highlighting: Retail sales in the European Union m/m (European Union Retail Sales m/m.
EUR/USD Weekly Forecast November 7 — 11, 2022 suggests an attempt to develop a slight correction and test the resistance area near the level of 0.9985. Where should we expect the pair to continue falling in the Forex market to the area below the level of 0.9005. An additional signal in favor of the decline will be a test of the long-term resistance line on the relative strength index (RSI). Please note that there have already been many bounces and price drops from it. Cancellation of the fall option for the Euro/Dollar will be a strong growth and a breakdown of the level of 1.0245. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.0485.
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