Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1706 and continues to move within the framework of the «Head and Shoulders» reversal pattern. At this point, we should expect an attempt to develop a correction and support area test near the level of 1.1480. Where is the rebound expected and the continued growth of the euro with a potential target above 1.2110 as part of the start of the development of the reversal model.
EUR/USD weekly forecast & analysis September 17 — 21, 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 on the current trading week on September 17 — 21, 2018 will lead to a drop and breakdown at the level of 1.1350, which will indicate the breakdown of the support area and the continuation of the pair’s fall 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.
Important news from America and Europe in the next trading week that may have an impact on the EUR/USD is not expected, so the pair will continue to move in the technical analysis.
EUR/USD weekly forecast & analysis September 17 — 21, 2018 suggests a test of the test of the upper bound of the bearish channel near the level of 1.1480, where it is expected to start the pair’s growth to the level above 1.2110, in favor of growth, the trend line test 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.
