The currency pair Euro Dollar EUR/USD continues to move within the bearish trend. At the moment, we should expect a test of the resistance area near the level of 1.1965, where we can expect an attempt to rebound and continue the fall of the Euro/Dollar with a target below 1.1625 level.
EUR/USD forecast & technical analysis May 16, 2018
In favor of falling quotations EUR/USD will test the bearish trend line on the indicator of relative strength index (RSI), as well as the upper channel test. The cancellation of the variant of the Euro/Dollar price decline will result in a strong growth and breakdown at the level of 1.2070, which will indicate the breakdown of the resistance area and the continued growth of the Euro/Dollar above 1.2250. To expect confirmation of the development of the downward trend for the pair is with the breakdown of the support area and the closure below the level of 1.1800.
EUR/USD forecast & technical analysis May 16, 2018 suggests an attempt to test the resistance area near the level of 1.1965, from which we expect a rebound and an attempt to continue the fall of the pair into the area below the level of 1.1625, the cancellation of the EUR/USD fall will be a breakdown at the level of 1.2070, which will indicate to continue the growth of the pair in the area above the level of 1.2250.