Currency pair EUR/USD Euro to US Dollar is trading at 1.1468 and continues to move in the framework of the decline. The pair is trading below the lower limit of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a downward trend in the EUR/USD pair. As part of the EUR/USD forecast Euro Dollar October 24, 2018, the Ichimoku Kinko Hyo Cloud lower bound is expected to test near the 1.1515 level, from which one can expect an attempt to rebound and continue to fall in EUR/USD with a potential target of 1.1365.
EUR/USD forecast Euro Dollar October 24, 2018
An additional signal in favor of reducing the EUR/USD currency pair will be a test of the resistance area, as well as a rebound from the upper limit of the downward channel. Earlier, a weak signal was received for SELL of the Euro/Dollar pair, due to the intersection of signal lines at the level of 1.1565.
Cancellation of the option to reduce the EUR/USD pair quotations at Forex will be a breakdown of the upper limit of the Ichimoku Kinko Hyo Cloud with the close of quotes above the 1.1565 area, which will indicate a downward trend in favor of the uptrend and continued growth of the Euro against the US Dollar at Forex. Expect to accelerate the decline of EUR/USD quotes with the breakdown of the support area and closing below 1.1420.
EUR/USD forecast Euro Dollar October 24, 2018 suggests an attempt to test the resistance level near the 1.1515 area, from which we can expect a further decline in the currency pair with a potential target near the level of 1.1365, the cancellation of the fall option will break the area of 1.1565, which will indicate a continuation growth rate of the Euro to the US Dollar.