Currency pair EUR USD continues to move in the growth, the pair failed to fulfill reversal pattern and the newly updated area of a local maximum. However, after the maximum test quotes show fall, so at the moment there are risks again see the dollar decline in the euro to below 1.0620 quotations.
EUR USD Forecast Euro Dollar rate on January 24, 2017
In favor of the version of the fall of dense stands the test downward trend line on the indicator of relative strength, it also points to the drop since the current levels. In the event of breakdown of the rising channel’s lower border, and the rising trend line on the indicator of relative strength, it is necessary to expect continuation of falling of quotations attempt EUR/USD to a local minimum.
However, if the pair will start again start from the rising channel’s lower border, we should expect the test area 1.0850. Among the important news that could have an impact on the euro dollar, stands out, Composite PMI index in Germany and the EU, as well as the index of business activity and the volume of home sales in the secondary market in the US.
EUR USD Forecast Euro Dollar rate on January 24, 2017 suggests an attempt to drop to 1.0620 in the rebound from the resistance area, since the breakdown of the level of 1.06 is expected resumption of the downward trend.
