Currency pair EUR USD continues to develop corrective movement in the framework of the formation of the descending pattern Wolfe waves. We should expect an attempt to test the area of 1.0715, where there will be a test model of the top wave borders Wolfe and begin reducing the euro, the dollar quotes. The purpose of the fall and testing of the model is the area on the level below the 1.0530 area.
EUR USD Forex Forecast Euro Dollar on December 1, 2016
Cancellation option will be a strong growth of quotations EUR USD 1.0750 and a break area that indicates the continuation of an upward correction in the area above the level of 1.0850. Is expected to accelerate the fall of the euro against the dollar quotations in the forex is a breakdown of the level 1.0600. Among the important news that could affect the course of the European currency against the US dollar tomorrow, December 1, 2016 stands out, The number of initial applications for benefits for unemployment in the US, it is expected a slight change in the index to the level of 252K, and the publication of ISM manufacturing index is expected to rise with index level of 51.9 to 52.1 levels that could support the US dollar and increase the pressure on the euro.
EUR USD Forex Forecast Euro Dollar on December 1, 2016 suggests an attempt to test the area of 1.0715, which is expected to start falling in the framework of the descending wave pattern Wolfe forex in order to reduce the area below 1.0530.