Currency pair Euro Dollar EUR/USD ends the trading week near the 1.1356 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 1.1530. Where is the expected rebound and the continuation of the fall of the euro/dollar with a potential goal below the level of 1.1040.
EUR/USD weekly forecast October 29 — November 2, 2018
In favor of reducing the EUR/USD currency pair at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations of the pair in the current trading week of October 29 — November 2, 2018 will be a strong growth and a breakdown of the level of 1.1640, which will indicate a breakdown of the upper limit of the downward channel and the continued growth of the pair in the area above the level of 1.1850. With the breakdown of the support area and closing of quotes below the level of 1.1220, 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 that may affect the EUR/USD rate, it is worth highlighting: Consumer confidence indicator, Consumer price index, ISM Production Index, Unemployment rate, Change in the number of people employed in the non-agricultural sector.
EUR/USD weekly forecast October 29 — November 2, 2018 implies an attempt to test the resistance area near the level of 1.1530, from which we can expect the pair to continue falling to the area below the level of 1.1040, the test of the trend line on the relative strength indicator will act in favor of the decline the option of reducing the euro/dollar will be a strong growth and the breakdown level of 1.1640, in this case, we can expect continued growth of the pair with a potential target at 1.1850.
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