Currency pair Euro Dollar EUR/USD continues to move within the framework of the correction and the formation of the bullish «Wolfe Wave» pattern. At the time of the publication of the forecast, the euro/dollar rate is 1.1446. At the moment, we should expect an attempt to test the support level near the 1.1395 area, from where we should expect a rebound and the continued growth of the Euro/Dollar with a potential target above the 1.1595 level.
Euro Dollar forecast & EUR/USD analysis November 8, 2018
A test of a broken trend line on the relative strength index (RSI), as well as a rebound from the trend line will be in favor of the EUR/USD quotes growth. Cancellation of the growth rate of the Euro/Dollar quotations will be the fall and the breakdown of the level of 1.1275, which will indicate the breakdown of the lower boundary of the «Wolfe Wave» model and the continuation of the fall to the area at the level of 1.1210. Expect confirmation of growth in the EUR/USD pair with the breakdown of the resistance area and closing above the level of 1.1495.
Among the important news from Europe and America that may affect the course of the EUR/USD pair, it is worth highlighting: FOMC decision on the basic interest rate, FOMC accompanying statement.
Euro Dollar forecast & EUR/USD analysis November 8, 2018 implies an attempt to test the support area near the level of 1.1395, from which we can expect a rebound and an attempt to continue the growth of the pair to the area above the level of 1.1595. In favor of growth will make a test trend line on the indicator of relative strength index (RSI). Cancellation of the growth option of EUR/USD will be a fall and a breakdown of the level of 1.1275, which will indicate a breakdown of support and the continuation of the fall of the pair to the area below the level of 1.1210.
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