The currency pair Euro Dollar EUR/USD continues to move within the framework of the formation of the bearish model «Wolfe Wave». At the moment, we should expect a test of the upper border near the area of 1.2430, where again we should expect an attempt to rebound and continue the fall of the Euro/Dollar with a target below 1.2270.
EUR/USD forecast & technical analysis April 18, 2018
In favor of falling quotations EUR/USD will test the resistance line on the indicator of relative strength index (RSI). Cancellation of the variant of the Euro/Dollar price decline will be a breakdown at the level of 1.2470, which will indicate the breakdown of the upper boundary of the «Wolfe Wave» model and the continued growth of the Euro/Dollar above the level of 1.2550. To expect confirmation of the development of the decline on the pair is with the breakdown of the leading trend line and closing below the level of 1.2350.
EUR/USD forecast & technical analysis April 18, 2018 suggests an attempt to test the resistance area near the level of 1.2430, from which we should expect a rebound and an attempt to continue the fall of the pair to a level below 1.2270, the cancellation of the EUR/USD fall will be a breakdown at the level of 1.2470, which will indicate to continue the growth of the pair in the area above the level of 1.2550.
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