Currency pair Euro Dollar EUR/USD closes the trading week near the area of 1.1561 and continues to move within the bearish trend. At the moment, we should expect an attempt to develop correction and test of the upper boundary of the descending channel near the level of 1.1580. Where is the rebound expected and the continuation of the fall of the euro with a potential target below the level of 1.0950.
EUR/USD weekly forecast & analysis August 27 — 31, 2018
In favor of reducing the EUR/USD currency pair on Forex, a resistance line test will be performed on the indicator of relative strength index (RSI). The cancellation of the fall of the pair’s quotations on the current trading week on August 27 — 31, 2018 will be a strong growth and breakdown at the level of 1.1680, which will indicate the breakdown of the upper border of the channel and the continuation of the pair’s growth into the area above the level of 1.1950. With the breakdown of the support area and the closing of quotes below the level of 1.1450, one should expect confirmation of the development of a bearish trend in the pair.
EUR/USD weekly forecast & analysis August 27 — 31, 2018 suggests a test of the test is more accurate than the bearish channel near the level of 1.1580, where it is expected to start the pair fall into the area below the level of 1.0950, in favor of the decline will test the trend line on the indicator of relative strength index (RSI), the cancellation of the variant of the fall of the euro dollar will be a strong growth and breakdown at the level of 1.1680, in which case we should expect the pair to continue growing with a potential target at the level of 1.1950.
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