Currency pair Euro Dollar EUR/USD continues to move as part of the formation of the «Triangle» model. At the time of the publication of the forecast, the euro/dollar rate is 1.1476. At the moment, we should expect an attempt to test the resistance level near the 1.1540 area, from where we should expect a rebound and the continuation of the fall of the Euro/Dollar with a potential target below the level of 1.1285.
EUR/USD forecast Euro Dollar October 10, 2018
In favor of reducing the EUR/USD quotes, a test of the trend line on the relative strength strength index (RSI) will be made. Cancellation of the option of falling quotes Euro/Dollar will be a strong growth and a breakdown of the level of 1.1575, which will indicate a breakdown of the upper limit of the «Triangle» model and continued growth in the region at the level of 1.1745. Expect to accelerate the development of the decline in the pair EUR/USD stands with the breakdown of the lower boundary of the model «Triangle» and closing below 1.1415.
Among the important news from Europe and America, which may affect the EUR/USD pair rate, it is worth highlighting: The producer price index, an increase in the index is expected, which can support the dollar rate.
EUR/USD forecast Euro Dollar October 10, 2018 implies an attempt to test the resistance area near the level of 1.1540, where we should expect a rebound and an attempt to continue reducing the pair to the area below the level of 1.1285; the option of falling EUR/USD will become a strong growth and a breakdown of the level of 1.1575, which will indicate a breakdown of resistance and the continued growth of the pair in the area above the level of 1.1745.