Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1600. At the moment, we should expect the test of the «Neckline» of the reversal model near the level of 1.1640 and the continuation of the fall. The target of working out the model of the «Head and Shoulders» is the area below the level of 1.1250.
EUR/USD forecast on October 30 — November 3, 2017
In favor of the fall of EUR/USD is a rebound from the broken resistance line on the indicator of relative strength index (RSI). The cancellation of the fall option will be a strong growth and breakdown at the level of 1.1950, which will indicate continued growth of the pair in the area above the level of 1.25 and the cancellation of the reversal model.
Expect the acceleration of the fall of the Euro/Dollar on Forex stands with the breakdown of the level of 1.1450. The main event of the current trading week is the FOMC decision on the main interest rate, which will be held on November 1, 2017, it is expected that the rate will remain at 1.25%, but expect growth in volatility at the time of publication of the news.
Among the important news from the Americas and Europe in the next trading week that can influence the EUR/USD rate is the following: Change in the number of employees from ADP, ISM Production Index, Number of initial applications for unemployment benefits, NON-FARM PAYROLLS.
EUR/USD forecast on October 30 — November 3, 2017 involves an attempt to continue falling as part of the development of the model «Head and Shoulders» with a potential target near the region of 1.1250, the cancellation of the variant of the fall of the euro/dollar will be a strong rise above the level of 1.1950, indicating a continued growth EUR/USD on Forex and cancellation of the reversal model.
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Thanks so much