Currency pair EUR/USD is trading at 1.1761. Quotes of the pair are trading above the moving average with a period of 55. This indicates the presence of a bullish trend for the pair Euro/Dollar. At the moment, the pair quotes are moving near the upper border of the Bollinger Bands indicator bars.
EUR/USD forecast Euro Dollar on November 6, 2020
As part of the forecast, the Euro/Dollar pair is expected to test the level of 1.1720. Where can we expect an attempt to continue the growth of the EUR/USD pair and the further development of the upward trend. The purpose of this movement is the area near the level of 1.1860. The conservative buying area for the EUR/USD pair is located near the lower border of the Bollinger Bands indicator strip at 1.1610.
Cancellation of the option to continue the growth of the Euro/Dollar pair will be the breakdown of the area of the lower border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and closing of quotations of the pair below the 1.1600 area. This will indicate a change in the current trend in favor of the bearish for EUR/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.
EUR/USD forecast Euro Dollar on November 6, 2020 suggests a test level of 1.1720. Further, growth is expected to continue to the area above the level of 1.1860. The conservative area for buying is located area of 1.1610. The cancellation of the growth option for the EUR/USD pair will be the breakdown of the level of 1.1600. In this case, we should expect the fall to continue.
