Currency pair EUR/USD is trading at 1.1586. Quotes of the pair are trading below the moving average with a period of 55, indicating a bearish trend for Euro/Dollar. At the moment, quotes of the pair test the lower boundary of the bands of the indicator Bollinger Bands. A test of the level of 1.1620 is expected, from which one should expect an attempt to continue the fall and further development of a downward trend with a target near the level of 1.1520.
EUR/USD forecast Euro Dollar on November 7, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1.1685. The abolition of the continuation of the fall of the EUR/USD pair will be the breakdown of the upper range of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotations above area of 1.1710, which will indicate 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.