The currency pair Euro Dollar EUR/USD continues its movement within the framework of correction and formation of the «Triangle» model. At the time of publication of the forecast, the euro exchange rate is 1.1688. At the moment, we should expect a test of the resistance level near the area of 1.1720, where we can expect an attempt to rebound and continue the fall of the Euro/Dollar with a target below 1.1520.
EUR/USD forecast & technical analysis July 6, 2018
In favor of falling quotations EUR/USD will test the downward trend line on the indicator of relative strength index (RSI). The cancellation of the variant of the Euro/Dollar price drop will result in a strong growth and breakdown at the level of 1.1780, which will indicate the breakdown of the upper limit of the «Triangle» model and the continuation of growth above the area of 1.1950 as part of the model’s development. To expect confirmation of the development of a downward trend for the EUR/USD pair is with the breakdown of the lower bound of the «Triangle» model and the closing below 1.1490, in this case it is expected to accelerate the fall of the EUR/USD pair on Forex.
EUR/USD forecast & technical analysis July 6, 2018 suggests an attempt to test the resistance area near the level of 1.1720, from which one should expect a rebound and an attempt to continue falling of the pair into the area below the level of 1.1520, a strong signal in favor of the fall will test the resistance line on the indicator of relative strength index (RSI), the cancellation of the EUR/USD fall will be a breakdown at the level of 1.1780, indicating that the pair will continue to grow above 1.1950.
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