Currency pair Euro Dollar EUR/USD closes the trading week near the area of 1.2105. At the moment, we should expect an attempt to test the upper limit of the «Wolfe Wave» model near the area of 1.2150 and the beginning of the fall into the area below the level of 1.1600.
EUR/USD weekly forecast on January 15 — 19, 2018
In favor of the fall of EUR/USD is the formation of the reversal model «Failure Swing» on the indicator of relative strength index (RSI). Cancellation of the fall option will be a strong growth and breakdown at 1.2250, indicating that the pair will continue to rise above 1.2450 and the cancellation of the bearish «Wolfe Wave» model. Confirmation of the fall will breakdown the bullish trend line on the indicator of relative strength index (RSI).
EUR/USD weekly forecast on January 15 — 19, 2018 suggests an attempt to test the upper bound of the bearish «Wolfe Wave» model near the level of 1.2150, from which it is expected to attempt a rebound and the start of the fall of the pair with a potential target at 1.1600, the abolition of the euro there will be a breakdown at the level of 1.2250, in which case we should expect the pair to continue growing.