Currency pair Euro Dollar EUR/USD continues to move within the framework of the correction and the formation of the bullish «Wolfe Wave» pattern. At the time of the publication of the forecast, the euro/dollar rate is 1.1409. At the moment, we should expect an attempt to test the support level near the 1.1375 area, from where we should 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 October 30, 2018
In favor of the growth of the EUR/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth rate of the Euro/Dollar quotations will be the fall and the breakdown of the level of 1.1300, which will indicate the breakdown of the lower boundary of the «Wave Wolfe» model and the continuation of the fall to the area at the level of 1.1210. Expect acceleration of confirmation of growth for the pair EUR/USD stands with the breakdown of the upper boundary of the downward channel and closure above 1.1455.
Among the important news from Europe and America, which may have an impact on the EUR/USD pair, it is worth highlighting: Consumer confidence indicator.
EUR/USD forecast Euro Dollar October 30, 2018 implies an attempt to test the support area near the level of 1.1375, where a rebound can be expected and an attempt to continue the pair’s growth to the area above the level of 1.1585, the trend line test on the relative strength index (RSI).