The Euro Dollar EUR/USD currency pair ends the trading week near the 1.2165 area. The pair continues to move within the correction and the formation of a large reversal pattern "Double top". Moving averages indicate the presence of a bullish trend for the pair. Prices moved up from the area between the signal lines, which indicates pressure from buyers of the European currency and the likely continuation of growth from the current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance area near the level of 1.2205. Where is the expected rebound and the continuation of the fall of the Euro Dollar. The potential target of the decline is the area below the level of 1.1455.
An additional signal in favor of the fall of the EUR/USD currency pair on Forex will be a test of the descending trend line on the relative strength indicator. The second signal will be a rebound from the upper boundary of the ”Double Top" reversal pattern. The cancellation of the option of reducing the quotes of the Euro-Dollar pair in the current trading week on June 14-18, 2021, will be a strong growth and a breakdown of the level of 1.2455. This will indicate the breakdown of the resistance area and the continuation of the pair's growth in the area above the level of 1.2855. With the breakdown of the support area and the closing of quotes below the level of 1.1765, which will indicate a breakdown of the lower border of the ascending channel.
EUR/USD Euro Dollar signals for the week of June 14-18, 2021
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 United States m/m (United States Retail Sales m/m), the change in US crude oil stocks from the EIA (EIA United States Crude Oil Stocks Change), the Decision of the Federal Reserve System (Fed) Interest Rate Decision, the Press conference of the Federal Open Market Committee (Federal Open Market Committee (FED)). FOMC) Press Conference).
Thus, the EUR/USD forecast for the week of June 14-18, 2021 suggests an attempt to correct and test the resistance area near the level of 1.2205. From where we should expect the pair to continue falling to the area below the level of 1.1455. An additional signal in favor of a decline will be a test of the resistance line on the relative strength indicator. The cancellation of the Euro-Dollar fall option will be a strong growth and a breakdown of the level of 1.2455. In this case, we should expect the pair to continue to rise with a potential target at the level of 1.2855.