The currency pair Euro to US Dollar EUR/USD completed the trading week at the level of 1.0724. The pair continues to trade in the downward channel and at the moment the potential for continuing the decline of the euro dollar remains. However, we should not exclude the test of the upper border of the descending channel and the area of 1.0850 within the framework of the assurance of the formation of the reversal Forex Head and Shoulders models, which will also point to the EUR/USD quotes falling.
EUR/USD Forecast Euro Dollar on April 24 — 28, 2017
In favor of the decrease is the test of the resistance line on the indicator of relative strength. Also, do not forget about the descending model of the Wolfe wave for the purpose of working below the area of 1.0350. Cancellation of the variant of falling of quotations of euro the dollar becomes breakdown of area 1.0950, which will indicate continuation of growth of quotations of the pair.
Among the important news on the next trading week that can influence the EUR/USD rate is worth highlighting, the Consumer Confidence Indicator in the US on April 25, 2017, is expected to decline from 125.6 to 123.7. On Thursday, April 27, 2017, the ECB decision on the basic interest rate will be published, the ECB Press Conference, which can provoke a strong increase in volatility in pairs with the participation of the European currency. On the same day, there will be a change in the volume of orders for long-term goods in the US, the number of initial applications for unemployment benefits. Publication of the indicator The change in GDP for the quarter in the US will take place on April 28, 2017, it is expected to decline from the level of 2.1% to the level of 1.3%, which may put pressure on the US dollar.
EUR/USD Forecast Euro Dollar on April 24 — 28, 2017 suggests an attempt of a minor correction to the area above the level of 1.08 and continuation of the fall in the area below the level of 1.0350 in the framework of working off the bearish wave model of Wolf, the cancellation of the fall variant will be a strong growth above the level of 1.0950.
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