The currency pair Euro to US Dollar EUR/USD continues to be traded within the framework of expectations and our previous forecast of the euro dollar. At the moment, the potential for continuing the decline in the EUR/USD pair’s quotations to the area below the level of 1.07 is guarded, however, we should not exclude the attempt of development of correction to the area above the level of 1.0950.
EUR/USD Forecast Euro to US Dollar on May 10, 2017
Near this level, you should expect the completion of the head and shoulders reversal pattern and the continuation of the fall in the pair’s quotations. The cancellation of the EUR/USD decline option will result in strong growth and breakdown of the local maximum area. In the case of breakdown of the area 1.0840, it is expected to accelerate the fall of quotations of the pair.
Among the important news from America and Europe that can influence the euro against the dollar, it is worth highlighting, Speech by the President of the European Central Bank Mario Draghi with a speech, the Import Price Index in the United States, Data on crude oil stocks from the Ministry of Energy, which may Pressure on the oil price.
EUR/USD Forecast Euro to US Dollar on May 10, 2017 suggests an attempt to correct the correction to the area above the level of 1.0950 as part of the completion of the head and shoulders reversal pattern, which will indicate the continuation of the fall of the euro’s quotes as part of the development of the downward Woolf wave model.
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