Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1630 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 1.1700 and the beginning of the fall of the euro/dollar to the area below the level of 1.1150 within the framework of the start of the model’s development.
In favor of the EUR/USD decline, a resistance area test will be performed on the relative strength index (RSI).
EUR/USD weekly forecast & analysis July 30 — August 3, 2018
The cancellation of the pair’s decline in the current trading week on July 30 — August 3, 2018 will result in a strong growth and breakdown at the level of 1.1820, 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 July 30 — August 3, 2018 involves an attempt to test the upper limit of the «Triangle» model near the level of 1.1700, where we can expect the pair to fall below 1.1150, in favor of the decline will test the trend line on the indicator 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.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
