Currency pair EUR USD continues to move in the wedge or wave pattern Wolfe processing begins descending forex model to fall to below 1.0420 area. We continue to hold the sale of euro dollar tight stop, and try actively to increase the volume of short positions on the pair EUR/USD.
EUR USD Euro Dollar Forecast on January 17, 2017
Cancellation option will increase in quotes above the strong level 1.0720, which will point to a continuation of upward correction. In favor of a drop in prices will make a breakdown of the trend line raising an indicator of relative strength, which points to a potential test of 1.0350 area.
Is expected to accelerate the fall of the euro against the US dollar quotation is from the breakdown level of 1.0550. Among the important news that could have an impact on the euro dollar, we should mention, Sentiment Index in the business environment from the ZEW Institute index of the current situation from the ZEW institute, manufacturing index Empire Manufacturing.
EUR USD Euro Dollar Forecast on January 17, 2017 suggests an attempt to fall to below 1.0420 area as part of the descending forex wave pattern Wolfe, cancellation option will break-down area 1.0720.
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