The currency pair Euro Dollar EUR/USD continues to move within the bearish trend. At the moment, we should expect a test of the support level near the area of 1.1650, where we can expect an attempt to rebound and continue the growth of the Euro/Dollar with a target above 1.2050.
EUR/USD forecast & technical analysis June 7, 2018
In favor of the growth of quotations EUR/USD will perform a test of the broken trend line on the indicator of relative strength index (RSI). The cancellation of the growth of the Euro/Dollar quotations will result in a drop and breakdown at the level of 1.1600, which will indicate the breakdown of the support area and the continuation of the decline of the Euro/Dollar below the level of 1.1450. To expect confirmation of the development of the bullish correction for the pair is with the breakdown of the upper boundary of the bearish channel and the closing above the level of 1.1820.
EUR/USD forecast & technical analysis June 7, 2018 assumes a test of the support area near the level of 1.1650, from which one should expect a rebound and an attempt to continue the pair’s growth to the level above 1.2050, the cancellation of the EUR/USD growth option will be a breakthrough of level 1.1600, which will indicate on the continuation of the fall of the pair in the area below the level of 1.1450.
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