Currency pair Euro Dollar EUR/USD continues its movement within the framework of correction and formation of the «Triangle» model. An important event tomorrow will be publication of the Fed’s decision on the rate, which can push a couple beyond the limits of lateral traffic. At the time of publication of the forecast, the Euro to the US Dollar rate is 1.1723. At this point, we should expect an attempt to test the upper limit of the «Triangle» model near the area of 1.1735, from which we should expect an attempt to rebound and continue the decline of the Euro/Dollar with a target below 1.1620.
EUR/USD forecast & technical analysis August 1, 2018
In favor of falling quotations EUR/USD will test the resistance line on the indicator of relative strength index (RSI). The cancellation of the variant of the Euro/Dollar price decrease will result in a strong growth and breakdown at the level of 1.1775, which will indicate the breakdown of the resistance area and the continued growth in the region at the level of 1.1880. To expect confirmation of the development of the fall on the EUR/USD pair is with the breakdown of the lower bound of the «Triangle» model and the closing below the level of 1.1570, in this case it is expected to accelerate the fall of the EUR/USD pair on Forex within the framework of the start of the model development.
EUR/USD forecast & technical analysis August 1, 2018 suggests an attempt to test the resistance area near the level of 1.1735, from which one should expect a rebound and an attempt to continue the fall of the pair into the area below the level of 1.1620, in favor of the drop will come the test of the downward resistance line on the indicator of relative strength index (RSI), the cancellation of the EUR/USD fall will be a strong growth and a breakdown at the level of 1.1775, which will indicate the outflow of quotations outside the «Triangle» model and the continued growth of the pair in the area above the level of 1.1880.