Currency pair Euro Dollar EUR/USD continues to move in the context of growth and the formation of a bullish «Wolfe Wave» pattern. At the time of the publication of the forecast, the euro/dollar rate is 1.1397. At the moment, we should expect an attempt to test the support level near the 1.1345 area, from where we expect a rebound and the continued growth of the Euro/Dollar with a potential target above the level of 1.1585.
EUR/USD forecast Euro Dollar November 2, 2018
A test of a broken trend line on the relative strength index (RSI) 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 1.1435.
Among the important news from Europe and America that may affect the course of the EUR/USD pair, it is worth highlighting: The unemployment rate, NON-FARM PAYROLLS.
EUR/USD forecast Euro Dollar November 2, 2018 implies an attempt to test the support area near the level of 1.1345, where a rebound can be expected and an attempt to continue the pair’s growth to the area above the level of 1.1585, cancel the growth options EUR/USD will fall and the breakdown level of 1.1275, which will indicate a breakdown of support and the continuation of the fall of the pair in the area below the level of 1.1210.