Currency pair EUR/USD Euro to US Dollar is trading at 1.0726 and continues to move as part of a strong fall and a downward channel. The EUR/USD pair is moving below the lower border of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates the presence of a bearish trend in the financial instrument. As part of the forecast for the Euro against the US Dollar on September 7, 2023. An attempt is expected to develop a correction and test the area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 1.0820. Where should we expect an attempt to rebound down and continue the fall of the EUR/USD pair with a potential target at the level of 1.0575.
Euro Dollar Forecast EUR/USD for September 7, 2023
An additional signal in favor of a decrease in the EUR/USD currency pair on FOREX will be a test of the resistance area on the price chart. The second signal will be a rebound from the upper border of the bearish channel. Earlier, a weak signal was received for selling the Euro/Dollar pair. The signal was formed due to the crossing of the signal lines at the level of 1.0825. The nearest resistance area for the Euro/Dollar pair is at 1.0775. The nearest support area for the EUR/USD pair is located near the 1.0675 area.
Cancellation of the option of falling quotes of the EUR/USD pair on Forex will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above the 1.0925 area. This option will indicate a change in the bearish trend in favor of the bullish trend and the continued growth of the Euro against the US Dollar on Forex. It is worth expecting an acceleration in the fall of EUR/USD with a breakdown of the support area and closing of the price below the level of 1.0645, which will indicate a breakdown of the lower border of the descending channel, and this is a signal to fall on the width of the channel.
Euro Dollar Forecast EUR/USD for September 7, 2023 suggests an attempt to test the resistance level near the area of 1.0820. Where should we expect the currency pair to continue to decline with a potential target near the level of 1.0575. Cancellation of the growth option for the pair will be a breakdown of the area of 1.0925. This will indicate a continued rise in the Euro against the US Dollar with a potential target above the level of 1.1135.
