Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1572 and continues to move within the framework of the formation of the «Triangle» model. At the moment, we should expect an attempt to test the upper limit of the model near the level of 1.1650 and continue the fall of the euro/dollar into the area below the level of 1.1150 within the framework of the start of the model’s development.
EUR/USD weekly forecast & analysis August 6 — 10, 2018
In favor of the EUR/USD decline, a resistance line test will be performed on the relative strength index (RSI). The cancellation of the fall of the pair’s quotes on the current trading week on August 6 — 10, 2018 will be a strong growth and breakdown at the level of 1.1770, which will indicate the breakdown of the upper limit of the model and the continuation of the pair’s growth to the level above 1.2120. With the breakdown of the lower bound of the «Triangle» model and the closing of quotes below the level of 1.1480, one should expect a confirmation of the development of a bearish trend in the pair.
EUR/USD weekly forecast & analysis August 6 — 10, 2018 suggests an attempt to test the upper limit of the «Triangle» model near the level of 1.1650, from which it is expected to start the fall of the pair into the area below the level of 1.1150, in favor of the decline will test the trend line on the 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 1.1770, in which case we should expect the pair to continue growing with a potential target at 1.2120.
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