Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1725. At this point, we should expect an attempt to rebound and grow the pair in the area above the level of 1.19 as part of the completion of the «Head and Shoulders» reversal pattern. Near level 1.19, we should expect the pair to continue falling with a potential target near the level of 1.1250.
EUR/USD weekly forecast on October 9 — 13, 2017
In favor of the fall of EUR/USD is the breakdown of the upward trendline on the indicator of relative strength index (RSI). The abolition of the fall option will be a strong growth and breakdown at 1.2150, indicating that the pair will continue to grow above 1.25. Expect to accelerate the fall of the Euro/Dollar on Forex costs with a breakdown of the level of the line of the neck of the reversal pattern of «Head and Shoulders» and closing below 1.1650.
Among the important news from America and Europe on the following trading week, which can influence the EUR/USD rate, there are: Publication of the minutes of the Fed meeting, Producer Price Index, Consumer Price Index, Consumer Price Index excluding food and energy prices, Change volume of retail trade.
EUR/USD weekly forecast on October 9 — 13, 2017 involves an attempt to grow and test the level of 1.1950, where we can expect a rebound and a fall below 1.1250 as part of the start of the reversal of the «Head and Shoulders» reversal pattern, above the level of 1.2150, which will indicate the continued growth of EUR/USD on Forex.