Currency pair EUR USD closed the week at 1.0700. At the moment, the pair continues to develop upward correction and movement within the forex Wedge pattern, the breakdown of which points to continued downward decline to below the level of 1.0350. Is expected to accelerate the fall of the euro dollar quotations for the current trading week is a breakdown of 1.06, which points to the breakdown of the lower boundary of the model.
EUR USD Forecast on January 23, 2017 — January 27, 2017
In case of continued growth and the closing quotation of the pair above the level of 1.0720 we should expect a tight test 1.0850 area, where once again we can expect an attempt to fall in the rebound from the upper border of the channel, as well as the areas of resistance.
The benefit will also deliver a tight test of the descending trend line on the indicator of relative strength, but with the breakdown of the uptrend line is expected breakdown of the closing price support area at 1.0350. Exit euro dollar quotes above 1.0850 level will indicate a continuation of the rising correction to above 1.1150 level.
Among the important news on the next trading week, which may influence the course EUR USD stands out, Speech by ECB President Mario Draghi’s speech January 23, 2017, the business environment conditions indicator of the IFO January 25, 2017, it is expected a slight increase in the indicator at the level of 111.0 to the level of 111.3. The number of initial applications for unemployment benefits January 26, 2017, expected growth rate at the level of 234K to 247K level, change in the volume of GDP for the quarter, as well as changes in orders for durable goods January 27, 2017.
EUR USD Forecast on January 23, 2017 — January 27, 2017 suggests an attempt to fall within the mining Wedge model, but do not rule out the test of resistance area at 1.0850 attempt.
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