Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1584 and continues to move within the limits of the decline. At this point, we should expect an attempt to test the upper limit of the downlink near the level of 1.1750. Where is the rebound expected and the continuation of the euro decline with a potential target below the level of 1.1165.
EUR/USD weekly forecast & analysis October 1 — 5, 2018
In favor of the fall of the EUR/USD currency pair on Forex, a trend line test will be performed on the indicator of relative strength index (RSI). The cancellation of the fall of the pair quotations on the current trading week on October 1 — 5, 2018 will result in a strong growth and breakdown at the level of 1.1900, 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 1.2100. With the breakdown of the support area and the closing of quotations below the level of 1.1520, one should expect confirmation of the development of a bearish
trend in the pair.
Among the important news from America and Europe on the following trading week, which can influence the EUR/USD exchange rate, it is worth mentioning: Production index ISM, Change in the number of employees from ADP, Composite index ISM for non-production sphere, Unemployment rate, Change in the number of employees in non-agricultural sector.
EUR/USD weekly forecast & analysis October 1 — 5, 2018 involves an attempt to test the upper boundary of the bearish channel near the level of 1.1750, from where it is expected to start the fall of the pair in the area below the level of 1.1165, in favor of the decline will test the trend line on the indicator of relative strength index (RSI), the abolition of the fall of the euro dollar will be strong growth and breakdown at the level of 1.1900, in which case we should expect the pair to continue growing with a potential target at 1.2100.
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