Currency pair Euro Dollar EUR/USD continues to move within the limits of the decline and the beginning of the «Triangle» model. At the time of publication of the forecast, the Euro to the US Dollar rate is 1.1583. At the moment, we should expect a test of resistance level near the area of 1.1610, where we can expect a rebound attempt and continue the decline of the Euro/Dollar with a target below 1.1400.
EUR/USD forecast & technical analysis August 8, 2018
In favor of falling quotations EUR/USD will test the bearish trend line on the indicator of relative strength index (RSI). Abolishing the variant of the Euro/Dollar price decrease will be a strong growth and breakdown at the level of 1.1665, which will indicate the breakdown of the resistance area and the continued growth in the area at the level of 1.1720. To expect confirmation of the development of the downward trend for the pair EUR/USD is with the breakdown of the support area and the closing below the level of 1.1480.
EUR/USD forecast & technical analysis August 8, 2018 suggests a test of the resistance area near the level of 1.1610, from which we expect a rebound and an attempt to continue the fall of the pair into the area below the level of 1.1405, in favor of the decline will test the trend line on the indicator of relative strength index (RSI), variant of EUR/USD decline will be strong growth and breakdown at level 1.1665, which will indicate the breakdown of the resistance area and the continued growth of the pair in the area above the level of 1.1720.