Currency pair Euro Dollar EUR/USD continues to move within the framework of the decline and formation of the «Triangle» model. At the time of publication of the forecast, the Euro to the US Dollar rate is 1.1624. At the moment, we should expect an attempt to test the resistance level near the area of 1.1650, where we can expect an attempt to rebound and continue the decline of the Euro/Dollar with a target below 1.1450.
EUR/USD forecast & technical analysis August 3, 2018
In favor of falling quotes EUR/USD will perform a test of a broken trend line on the indicator of relative strength index (RSI). Canceling the option of lowering the quotations of the Euro/Dollar will be a strong growth and breakdown at the level of 1.1745, which will indicate the breakdown of the resistance area and the continued growth in the area at the level of 1.1880. To expect confirmation of the development of the bearish trend for the EUR/USD pair is with the breakdown of the lower bound of the «Triangle» model and the closing below the level of 1.1560, in this case it is expected to accelerate the fall of the EUR/USD pair on Forex as part of the start of the model’s development.
EUR/USD forecast & technical analysis August 3, 2018 suggests an attempt to test the resistance area near the level of 1.1650, from which we should expect a rebound and an attempt to continue falling of the pair into the area below the level of 1.1450, in favor of the decline will test the trend line on the indicator of relative strength, variant of the EUR/USD decline will be a strong growth and breakdown at the level of 1.1745, which will indicate the exit of quotations outside the «Triangle» model and the continued growth of the pair in the area above the level of 1.1880.