The currency pair Euro Dollar EUR/USD continues to move within the bearish trend. At the moment, we should expect a test of the upper border of the channel near the level of 1.1835, from which we should expect an attempt to rebound and continue the fall of the Euro/Dollar with a target below 1.1575.
EUR/USD forecast & technical analysis May 18, 2018
In favor of falling quotes EUR/USD will form a model of «Head and Shoulders» on the indicator of relative strength index (RSI). The cancellation of the variant of the Euro/Dollar price decline will result in a strong growth and breakdown at the level of 1.1865, which will indicate the breakdown of the resistance area and the continued growth of the Euro/Dollar above the level of 1.2050. To expect confirmation of the development of the bearish trend for the pair is with the breakdown of the support area and the closure below the level of 1.1740.
EUR/USD forecast & technical analysis May 18, 2018 suggests an attempt to test the upper boundary of the bearish channel near the level of 1.1835, from which we expect a rebound and an attempt to continue the fall of the pair into the region below the level of 1.1575, the cancellation of the EUR/USD fall will be a breakthrough at level 1.1865, which indicates the continued growth of the pair in the area above the level of 1.2050.