Currency pair EUR USD closed the week at 1.0620. The pair could not break the important support level 1.05, which would indicate a continuation of decline in the euro. At the moment, the pair continues moving inside the descending channel and remain potential to continue until the fall of the euro is not the dollar quotes struck the upper boundary of the channel.
EUR/USD Forecast on March 6, 2017 — March 10, 2017
In favor of the continuation of falling of quotations EUR/USD breached the push test of the trend line on the indicator of relative strength. The current structure of the movement of the pair is a model triangle, but can also be seen and an inverted head and shoulders, however, confuses the size of the right shoulder of the model.
In case of breakdown of the top models of the border with the closing quotes above level 1.0850, we can expect the completion of decline of the euro and the dollar began the development of an upward trend. However, if the field 1.05 should expect a breakdown and the breakdown level of 1.0350 with a potential drop to below 1.00.
Among the important news on the next trading week, which may influence the course EUR USD stands out, Publication of the ECB decision on the basic interest rate, the press conference of the ECB, number of initial applications for unemployment benefits 9 March 2017, unemployment rate, NON-FARM PAYROLLS 10 March 2017.
EUR/USD Forecast on March 6, 2017 — March 10, 2017 suggests an attempt to test the upper boundary of the descending channel and continued decline, with a breakdown field of 1.05 is expected to accelerate the fall of the euro against the US dollar quotations, the cancellation option will breakdown 1.0850 area.
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