Currency pair EUR/USD is trading at 1.2362. Quotes of the pair are trading below the moving average with a period of 55, indicating a bearish trend for the Euro/Dollar. At the moment, the quotes of the pair are moving near the lower border of the bands of the Bollinger Bands indicator. A test of level 1.2430 is expected, from which one should expect an attempt to continue falling and further development of the downward trend with the target near the level of 1.2200.
EUR/USD forecast Euro Dollar on February 7, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1.2530. The abolition of the continuation of the fall of the EUR/USD pair will be a breakdown of the upper boundary of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair quotes above 1.2580, which indicates a change in the bullish trend for EUR/USD. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.