The currency pair Euro Dollar EUR/USD continues to move within the framework of the formation of the bearish «Wolfe Wave» model. At the moment, we should expect a test of the resistance level near the area of 1.2370, where again we should expect an attempt to rebound and continue the fall of the Euro/Dollar with a target below the level of 1.2200.
EUR/USD forecast & technical analysis April 20, 2018
In favor of falling quotes EUR/USD will perform a test of a broken trendline 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 1.2460, 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 decline on the pair is worth with the breakdown of the support area and the closing below the level of 1.2320.
EUR/USD forecast & technical analysis April 20, 2018 suggests an attempt to test the resistance area near the level of 1.2370, from which one should expect a rebound and an attempt to continue the fall of the pair into the area below the level of 1.2200, 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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