The currency pair Euro to US Dollar EUR/USD continues to bargain near the support area, as the main option is to expect an attempt to correct the quotations of the euro dollar in the region above the level of 1.0950 as part of the completion of the reversal of the forex model of the head and shoulders. In favor of the fall, a dense test of the downward trend line will appear on the indicator of relative strength.
EUR/USD Forecast Euro to US Dollar on May 12, 2017
However, we should not exclude the attempt of the breakdown of the area 1.0840 and the continuation of the decline in the pair’s quotations in the area below the level of 1.04 as part of the development of the bearish wave model of Wolf. The abolition of the reduction option will be the breakdown of the local maximum area, which will indicate the continued growth of the euro dollar in the region above the level of 1.10.
Among the important news that may affect the euro against the dollar, it is worth highlighting, the US consumer price index, is expected to grow from -0.3% to 0.2%, the consumer price index excluding food and energy prices, a change in volume US retail sales are expected to grow from -0.2% to 0.6%, which may provide short-term support to the US dollar, the consumer sentiment index from the University of Michigan, is expected to remain unchanged at 97.0.
EUR/USD Forecast Euro to US Dollar on May 12, 2017 suggests an attempt to correct the pair in the area above the level of 1.0950, where it is expected to continue the decline with a potential target near the area of 1.0750 as part of the development of the reversal forex model Head and shoulders, cancellation may become a breakdown of the local Maximum, which will indicate the continued growth of the euro dollar.
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