Currency pair Euro Dollar EUR/USD ends the trading week near the 1.1502 area and continues to move in line with the decline. At the moment, we should expect an attempt to test the support area near the level of 1.1330. Where is the rebound expected from and further growth of the euro/dollar with a potential target above the level of 1.1650.
EUR/USD weekly forecast & analysis October 8 — 12, 2018
A test of the trend line on the relative strength index (RSI) will be in favor of the EUR/USD currency pair growth at Forex. Cancellation of the growth of quotations of the pair in the current trading week of October 8 — 12, 2018 will be a fall and a breakdown of the level of 1.1280, which will indicate a breakdown of the support area and the continued decline of the pair to the area below the level of 1.1050. With the breakdown of the upper boundary of the channel and the closure of quotations above 1.1720, we should expect confirmation of the development of an upward trend in the pair.
Among the important news from America and Europe in the next trading week that may affect the EUR/USD rate, it is worth mentioning: Producer Price Index, Consumer Price Index, Consumer Price Index excluding food and energy prices.
EUR/USD weekly forecast & analysis October 8 — 12, 2018 implies an attempt to test the support area near the level of 1.1330, from which one can expect the pair to start growing above 1.1650, the test of the trend line on the relative strength index (RSI) will act in favor, the variant the growth of the euro the dollar will fall and the breakdown level of 1.1280, in this case, we can expect to continue to reduce the pair with a potential goal at the level of 1.1050.