Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.1657 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 descending channel near the level of 1.1450. Where is the rebound expected and the continued growth of the euro with a potential target above the level of 1.2050.
EUR/USD weekly forecast & analysis September 3 — 7, 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 3 — 7, 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 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 1.1760, it is necessary to expect confirmation of the development of the bullish trend in the pair and completion of the formation of the «Head and Shoulders» reversal model.
Among the important news from the Americas and Europe in the next trading week that can influence the EUR/USD rate is: ISM production index, Change in the number of employees from ADP, Composite ISM index for non-manufacturing, Unemployment rate, Change in the number of non-agricultural workers (Non-Farm Payrolls).
EUR/USD weekly forecast & analysis September 3 — 7, 2018 suggests a test of the test of the upper boundary of the downward channel near the level of 1.1450, from where it is expected to start the pair’s growth in the area above the level of 1.2050, 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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