Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1629 and continues to move within the framework of the «Head and Shoulders» reversal pattern. At the moment, we should expect an attempt to develop a correction and test the upper boundary of the bearish channel near the level of 1.1450. Where is the rebound expected and the continued growth of the euro with a potential target above 1.2100 as part of the start of the development of the reversal model.
EUR/USD weekly forecast & analysis September 10 — 14, 2018
In favor of the growth of the currency pair EUR/USD, a test of the support line on the indicator of relative strength index (RSI) will perform. The cancellation of the growth of the pair’s quotations in the current trading week on September 10 — 14, 2018 will result in a drop and breakdown at the level of 1.1350, which will indicate the breakdown of the support area and continuation of the fall of the pair into the area below the level of 1.1150. With the breakdown of the resistance area and the closing of quotes above the level of 1.1770, we should expect confirmation of the development of the upward trend in the pair and the completion of the formation of the «Head and Shoulders» reversal model.
Among the important news from America and Europe in the next trading week that can influence the EUR/USD rate is the following: Producer price index, Publication of the ECB’s decision on the basic interest rate, Consumer Price Index, Consumer Price Index excluding food prices and Energy, Changes in the volume of retail trade.
EUR/USD weekly forecast & analysis September 10 — 14, 2018 suggests a test of the test is more accurate than the bearish channel near the level of 1.1450, where it is expected to start the pair’s growth to the level above 1.2100, in favor of growth will test the trend line on the indicator of relative strength index (RSI), cancellation of the growth scenario of the euro dollar will fall and breakdown at the level of 1.1350, in which case it is expected to continue the fall of the pair with a potential target at the level of 1.1150.
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