The currency pair Euro Dollar EUR/USD continues to move within the framework of the formation of the bullish pattern «Wolfe Wave». At the moment, we should expect a test of the support level near the area of 1.2200, where again we should expect an attempt to rebound and continue the growth of the Euro/Dollar with a target above 1.2470.
EUR/USD forecast & technical analysis April 17, 2018
In favor of the growth of EUR/USD quotes, a support line test will be performed on the relative strength index (RSI), as well as a test of the lower boundary of the bearish channel. The cancellation of the variant of the Euro/Dollar price growth will be a breakdown at the level of 1.2150, which will indicate the breakdown of the lower boundary of the «Wolfe Wave» model and the continuation of the Euro/Dollar fall below the level of 1.2100. To expect confirmation of growth on the pair stands with the breakdown of the resistance area and the closing above the level of 1.2415.
EUR/USD forecast & technical analysis April 17, 2018 suggests an attempt to test the support area near the level of 1.2200, from which we should expect a rebound and an attempt to continue the pair’s growth to the area above 1.2470, the cancellation of the EUR/USD growth option will be breakdown at the level of 1.2150, which will indicate continued falling of the pair in the area below the level of 1.2100.