Currency pair Euro Dollar EUR/USD ends the trading week near the area of 1.1580 and continues to move within the downward channel. At the moment, we should expect an attempt to test the resistance area near the level of 1.1655. Where is the expected rebound and the continuation of the fall of the euro dollar with a potential goal below the level of 1.1245.
EUR/USD weekly forecast & analysis October 15 — 19, 2018
In favor of reducing the EUR/USD currency pair at Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations of the pair in the current trading week of October 15 — 19, 2018 will be a strong growth and a breakdown of the level of 1.1780, which will indicate that the resistance area is broken down and the pair continues to grow to the area above the level of 1.2050. With the breakdown of the area of support and closing of quotes below the level of 1.1400, we should expect confirmation of the development of the downward trend in the pair.
Among the important news from America and Europe in the next trading week, which may have an impact on the EUR/USD rate, it is worth highlighting: Changes in the volume of retail trade, Publication of the minutes of the Fed meeting.
EUR/USD weekly forecast & analysis October 15 — 19, 2018 suggests an attempt to test the resistance area near the 1.1655 level, from where we can expect the pair to continue to fall below 1.1245, the trend line test on the relative strength index (RSI) will act to reduce, canceling the option the euro will fall the dollar will be a strong growth and the breakdown level of 1.1780, in this case, we can expect continued growth of the pair with a potential goal of 1.2050.