Currency pair EUR/USD is trading at 1.1667. Quotes of the pair are trading below the moving average with a period of 55. This indicates the presence of a bearish trend for the pair Euro/Dollar. At the moment, the pair quotes are moving near the lower border of the Bollinger Bands indicator bars.
EUR/USD weekly forecast on November 2 — 6, 2020
As part of the forecast, the Euro/Dollar pair is expected to test the level of 1.1790. Where can we expect an attempt to continue the fall of the EUR/USD pair and the further development of the downward trend. The purpose of this movement is the area near the level of 1.1430. The conservative area for sales of the EUR/USD pair is located near the upper border of the Bollinger Bands indicator strip at 1.1880.
Cancellation of the option to continue the fall of the Euro/Dollar pair will be a breakdown of the upper border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of quotations of the pair above the 1.1910 area. This will indicate a change in the current trend in favor of the bullish for EUR/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bars, we should expect an acceleration of the fall.
EUR/USD weekly forecast on November 2 — 6, 2020 suggests a test level of 1.1790. Further, it is expected to continue falling to the area below the level of 1.1430. The conservative selling area is located area of 1.1880. The cancellation of the EUR/USD pair fall option will be the breakdown of the level of 1.1910. In this case, we should expect continued growth.