Technical analysis of EUR/USD 12/10/2018
Currency pair EUR/USD continues to move in the correction. Moving averages indicate a downward trend. At the moment, we can expect an attempt to grow and test the resistance area near the level of 1.1500. Where is expected to rebound and continue to fall below the level of 1.1200.
In favor of the corrective growth of the pair stands convergence on the RSI indicator. In favor of the fall of the pair will test the upper limit of the downward channel. Cancellation of the option of falling quotes will be a strong growth and the breakdown level of 1.1700. This will indicate a breakdown of the upper limit of the downward channel (MA200) and the continued growth of the pair.
Among the important news from America and Europe in the next trading week, which may affect the EUR/USD rate, it is worth highlighting: Producer Price Index, Consumer Price Index, Consumer Price Index excluding food and energy prices, Publication of the ECB’s decision interest rate, change in retail volume.
Created by Joshua Hayn