The Euro-Dollar EUR/USD currency pair is trading at 1.2174. The pair's quotes are trading below the level of the moving average with a period of 55. This indicates the presence of a bearish trend for the Euro-Dollar pair. At the moment, the pair's quotes are moving near the lower border of the Bollinger Bands indicator.
As part of the forecast of the Euro-Dollar pair, a test of the level of 1.2200 is expected. Where should we expect an attempt to continue the fall of the EUR/USD pair and further develop the downward trend? The target of this movement is the area near the level of 1.1210. The conservative selling area for the EUR/USD pair is located near the upper border of the Bollinger Bands indicator at 1.2250.
EUR/USD. Euro Dollar Forex Forecast for June 3, 2021
The cancellation of the option of continuing the fall of the Euro-Dollar pair will be a breakdown of the upper border of the Bollinger Bands indicator bands. As well as the moving average with a period of 55 and the closing of the pair's quotes above the area of 1.2280. This will indicate a change in the current trend in favor of the bullish EUR/USD. In the event of a breakdown of the lower border of the bands of the Bollinger Bands indicator, we should expect an acceleration of the fall.
Euro Dollar Forex forecast for June 3, 2021 suggests a test of the level of 1.2200. Further, it is expected to continue falling to the area below the level of 1.1210. The conservative selling zone is located near the 1.2250 area. The cancellation of the fall of the EUR/USD pair will be the breakdown of the level of 1.2280. In this case, we should expect continued growth.