The currency pair Euro Dollar EUR/USD continues to move within the framework of growth and formation of the «Triangle» model. At the time of publication of the forecast, the euro exchange rate is 1.1699. At this point, we should expect an attempt to test the lower boundary of the model near the area of 1.1690, where we can expect an attempt to rebound and continue the growth of the Euro/Dollar with a target above 1.1850.
EUR/USD forecast & technical analysis July 12, 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 1.1665, which will indicate the breakdown of the lower limit of the Triangle model and the continuation of the decline to the level of 1.1550. To expect confirmation of the growth growth for the pair EUR/USD is with the breakdown of the resistance area and the closing above the level of 1.1765, in this case it is expected to accelerate the growth of the EUR/USD pair on Forex.
EUR/USD forecast & technical analysis July 12, 2018 suggests an attempt to test the support area near the level of 1.1690, from which we expect a rebound and an attempt to continue the pair’s growth to the level above 1.1850, a test of the support area on the relative strength index (RSI) will make a strong signal in favor of growth, the cancellation of the EUR/USD growth option will be a breakdown at the level of 1.1665, indicating that the pair will continue to fall below 1.1550.