Currency pair Euro Dollar EUR/USD continues to move in the framework of the correction. At the time of the publication of the forecast, the euro/dollar rate is 1.1597. At the moment, we should expect an attempt to test the resistance level near the area of 1.1625, where we should expect a rebound and the continuation of the fall of the Euro Dollar with a potential target below the level of 1.1430.
EUR/USD forecast Euro Dollar October 16, 2018
In favor of reducing the EUR/USD quotes, a test of the downward trend line on the relative strength index (RSI), as well as the formation of the downward «Wolfe Wave» model, will come out. Cancellation of the option of falling quotes Euro/Dollar will be a strong growth and a breakdown of the level of 1.1675, which will indicate a breakdown of the upper limit of the 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 support area and closing below 1.1485.
Important news from Europe and America, which may have an impact on the EUR/USD pair, is not expected, so the pair will continue to move in the framework of technical analysis.
EUR/USD forecast Euro Dollar October 16, 2018 suggests an attempt to test the resistance area near 1.1625, expect a rebound and an attempt to continue lowering the pair to 1.1430, the test of the trend line on the relative strength index (RSI) will cancel the option of falling EUR/USD will become a strong growth and a breakdown of the level of 1.1675, which will indicate a breakdown of resistance and the continued growth of the pair in the area above the level of 1.1745.