Currency pair Euro Dollar EUR/USD continues to move within the framework of the bullish correction. At the time of publication of the forecast, the Euro to the US Dollar rate is 1.1720. At the moment, we should expect an attempt to test the upper limit of the bearish channel near the area of 1.1645, from which we should expect the rebound and the continued growth of the Euro/Dollar with a potential target above the level of 1.1990.
EUR/USD forecast & technical analysis August 29, 2018
In favor of the growth of EUR/USD quotations, a test of the support line will be made on the indicator of relative strength index (RSI). The cancellation of the growth of the Euro/Dollar quotes will result in a drop and breakdown at the level of 1.1605, which will indicate the breakdown of the upper boundary of the channel and the continuation of the fall into the region at the level of 1.1500. To expect confirmation of the development of the bullish trend for the EUR/USD pair is with the breakdown of the resistance area and the closing above the level of 1.1795.
EUR/USD forecast & technical analysis August 29, 2018 suggests an attempt to test the support area near the level of 1.1645, from which one should expect a rebound and an attempt to continue the pair’s growth to the level above the level of 1.1990, in favor of growth will test the support line on the indicator of relative strength index (RSI), variant of EUR/USD growth will fall and breakdown at level 1.1605, which will indicate the breakdown of the lower border of the channel and the continuation of the fall of the pair into the area below the level of 1.1500.
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