Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1610. 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 goal of working out the model of the Head and shoulders is the area below the level of 1.1250.
EUR/USD weekly forecast on November 6 — 10, 2017
In favor of the fall of EUR/USD, a trend line test will be performed 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 1.1550.
Among the important news from America and Europe in the next trading week that can influence the EUR/USD rate is: The number of initial applications for unemployment benefits.
EUR/USD weekly forecast on November 6 — 10, 2017 involves an attempt to continue the fall of the euro against the dollar as part of the development of the «Head and Shoulders» reversal model with the target of near the area of 1.1250, the cancellation of the euro’s fall variant will be a strong rise above the level of 1.1950, which will indicate on the continued growth of EUR/USD on Forex and the cancellation of the model.
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