Currency pair Euro to US Dollar EUR/USD continues to trade near the upper border of the rising channel. It is worth waiting for an attempt to rebound and fall into the area below the level of 1.1105. In favor of the fall is a reversal forex pattern “Failure Swing” on the indicator of relative strength index (RSI).
EUR/USD forecast Euro Dollar on May 23, 2017
In the vicinity of 1.1105, you should expect a rebound attempt and the formation of a reversal forex pattern “Head and Shoulders”, which will indicate a fall in the euro dollar quotations to the area below the level of 1.10. By canceling of the euro’s fall, the EUR/USD will become a breakdown of the upper border of the rising channel, which will indicate the acceleration of EUR/USD quotations growth.
Among the important news that could affect the euro against the dollar, it is worth highlighting: PMI Composite, IFO Business Climate, it is expected a slight increase in the index from 112.9 level to 113.1 level, which can support the euro against the US dollar.
EUR/USD forecast Euro Dollar on May 23, 2017 involves a rebound attempt from the upper boundary of the rising channel with the first drop target at level 1.1105, where it is expected to begin the formation of the reversal forex pattern “Head and Shoulders”, cancel will become a breakdown of the upper border of the channel, which Will indicate the acceleration of the growth of the euro dollar.
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