Currency pair EUR/USD Euro to US Dollar is trading at 0.9961 and continues to move within the correction and the downward channel. The EUR/USD pair is moving below the lower boundary 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 8, 2022. An attempt to develop a bullish correction is expected and a test of the upper border of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 1.0005. 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 0.9715.
Euro Dollar Forecast EUR/USD September 8, 2022
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 descending channel. Earlier, a weak signal was received for buying the Euro/Dollar pair. The signal was formed due to the crossing of the signal lines at the level of 0.9990. The nearest resistance area for the Euro/Dollar pair is at 1.0055. The nearest support area for the EUR/USD pair is located near the 0.9845 area.
Cancellation of the option to reduce the quotes of the EUR/USD pair on Forex will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the 1.0075 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 the price below the level of 0.9815.
Euro Dollar Forecast EUR/USD September 8, 2022 suggests an attempt to test the resistance level near the area of 1.0005. Where should we expect the currency pair to continue falling with a potential target near the level of 0.9715. Cancellation of the option to reduce the pair will be a breakdown of the area of 1.0075. This will indicate the continued growth of the Euro against the US Dollar with a potential target above the level of 1.0245.