The currency pair Euro Dollar EUR/USD has completed the trading week at the level of 1.0609. The pair continues to move within the descending channel. The euro is treading the lower border of the short-term rising channel, the breakdown of this region will indicate the continuation of the decline to the level of 1.0350.
EUR/USD Forecast Euro Dollar on April 17 — 21, 2017
In favor of the fall comes the bearish wave model of Wolfe, as well as the breakdown of the rising trend line on the indicator of relative strength. The cancellation of the variant of falling quotations of the euro dollar may be a strong increase above the level of 1.0750, which will indicate a rebound from the support area. In this case, we should expect the continuation of the growth of quotations in the area above the level of 1.0850. Expect to accelerate the decline in the pair EUR/USD is with the breakdown of the area 1.0530.
Among the important news on the next trading week that may have an impact on the Euro rate is worth highlighting, The volume of issued construction permits in the US on April 18 is expected to slightly increase from 1213K to 1250K, the Fed-Philadelphia Manufacturing Index on April 20, is expected to fall From the level of 32.8 to the level of 25.6, the number of initial applications for unemployment benefits, is expected to grow from 234K to 241K, which can support the rate of the US currency against the euro.
EUR/USD Forecast Euro Dollar on April 17 — 21, 2017 suggests an attempt to continue the decline in the area below the level of 1.0350 as part of the completion of the bearish wave model of Wolf, the breakdown will be a breakdown at 1.0750, indicating that the pair will continue to rise above 1.0850 level .
