Currency pair EUR USD continues to move in the development of ascending correction, but has not yet held a break of the upper boundary of the descending channel, which could indicate a potential change of the trend in favor of the growth of the resistance area at 1.0850.
EUR USD Forecast Euro Dollar on January 16, 2017
Moreover formed forex Wedge pattern that indicates a probable drop since the current levels to the nearest support at 1.05. Cancellation option will be a strong growth of the euro and the dollar 1.0720 breakdown area that will point to a continuation of the rising correction with a view above the level of 1.0850, where is expected to decline again.
In favor of the version of the fall is the rebound from the resistance line on the indicator of relative strength. Important news on Monday, January 16, 2017 is not expected, so the pair continued to move in the technical analysis of EUR/USD.
EUR USD Forecast Euro Dollar on January 16, 2017 suggests an attempt to rebound from the resistance area and the decline in the area under the 1.05 start mining forex Wedge pattern.
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