Currency pair EUR USD continues to move through the completion of forming a downward FX 1:1 model with a potential target of the fall an below 1.03 area. At the moment, there is the potential for a tight test the upper limit at 1.08. However, we should not exclude the fall of the euro dollar quotations already from current levels.
EUR USD Euro Dollar Forecast on December 8, 2016
An additional signal in favor of the fall will test the descending trend line on the indicator of relative strength. Cancellation option EUR USD will fall the strong growth of quotations above level 1.0870, which will point to continued growth. Among the important events that may have an impact on the euro against the US dollar tomorrow 8 December 2016 stands out, Publication of the ECB’s decision on the basic interest rate, it is expected that rates will be left unchanged at 0.00%, the press conference of the ECB, as well as the number of initial applications for benefits for unemployment in the US, there is expected a slight increase in the indicator at the level of 268K to 272K level.
EUR USD Euro Dollar Forecast on December 8, 2016 suggests an attempt to test the upper boundary of the channel and continue falling with the potential to reduce the level below the 1.03 area, the cancellation will be strong growth and the breakdown of 1.0870 area.
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