The currency pair Euro to US Dollar EUR/USD continues to trade within the lateral trend and at the moment there is a potential for testing the upper limit of the Forex model of the Triangle, from where it is expected to fall to the area below the level of 1.0850. In favor of falling quotations of the euro, the dollar will test the downward trend line on the indicator of relative strength. The cancellation of the variant of EUR/USD quotes drop will result in strong growth and breakdown of the local maximum area, in which case we should expect the pair to continue growing. With the breakdown of the upward trend line, it is expected to accelerate the fall of quotations of the euro-dollar pair.
EUR/USD Forecast Euro Dollar on May 5, 2017
Among the important news that may affect the euro against the dollar, it is worth highlighting, the unemployment rate in the US, is expected to increase slightly from 4.5% to 4.6%, change in the number of people in the non-agricultural sector, is expected to grow significantly from 98K to Level 194K, which can provide a strong support for the US dollar, Speech by the head of the Federal Reserve, Janet Yellen, with a speech.
EUR/USD Forecast Euro Dollar on May 5, 2017 involves an attempt to test the local maximum and fall level in the area below 1.0850 within the rebound from the downtrend line on the relative strength indicator.
