Currency pair EUR USD closed the week at 1.1193. In general quotations couple spent last week in line with expectations. At the beginning of the next trading week has the potential to continue the quotation EUR USD fall to below the level of 1.10, followed by the fall of the euro against the US dollar to the lower boundary of the triangle model.
EUR USD Forecast for the week 29 August, 2016 — 2 September, 2016
An additional signal for the continuation of the fall will be the completion of the formation of topping forex head and shoulders pattern on the indicator of relative strength that will point to a continuation of falling of quotations EUR USD. Cancellation option decrease could be a strong rise in the euro against the dollar above the 1.15 level, but in this case a pair of protest area the upper limit of the model triangle and there is a potential for a fall.
EUR USD Forecast for the week 29 August, 2016 — 2 September, 2016 assumes continuation of reduction to 1.10 and below as part of the descending pattern Wolfe waves at shorter periods of time.
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