Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1626 and continues to move within the framework of the «Triangle» model. At the moment, we should expect an attempt to test the upper limit of the model near the level of 1.1750 and the beginning of the fall of the euro dollar in the area below the level of 1.1215 within the beginning of the «Triangle» model development.
EUR/USD weekly forecast & analysis July 16 — 20, 2018
In favor of the EUR/USD decline, a test of a broken trend line will appear on the indicator of relative strength index (RSI). The cancellation of the fall of the pair’s quotes in the current trading week on July 16 — 20, 2018 will result in a strong growth and breakdown at the level of 1.1820, which will indicate the breakdown of the upper boundary 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 quotations below the level of 1.1420, one should expect confirmation of the development of a downward trend in the pair.
EUR/USD weekly forecast & analysis July 16 — 20, 2018 suggests an attempt to increase to the upper bound of the «Triangle» near the level of 1.1750, from which it is expected to start the pair fall below 1.1215, in favor of the decline will test the trend line at an indicator of relative strength index (RSI), the cancellation of the variant of the fall of the euro/dollar will be strong growth and breakdown at the level of 1.1820, in which case we should expect the pair to continue growing with a potential target at 1.2120.
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