Currency pair Euro Dollar EUR/USD continues to move in the framework of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the euro/dollar rate is 1.1545. At the moment, we should expect an attempt to test the resistance level near the area of 1.1585, where we should expect a rebound and the continuation of the fall of the Euro/Dollar with a potential target below the level of 1.1400.
EUR/USD forecast Euro Dollar October 18, 2018
In favor of reducing the EUR/USD quotes, a test of a broken trend line on the relative strength index (RSI) will be made. Cancellation of the option of falling quotes Euro/Dollar will be a strong growth and the breakdown level of 1.1655, which will indicate a breakdown of the upper boundary 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 lower boundary of the upward channel and closing below 1.1505.
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 18, 2018 implies an attempt to test the resistance area near the level of 1.1585, where a rebound is expected and an attempt to continue reducing the pair to the area below the level of 1.1400, the trend line test 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 1.1655, which will indicate a breakdown of resistance and the continued growth of the pair in the area above the level of 1.1745.