Currency pair EUR/USD is trading at 1.1755. Quotations of the pair are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for the Euro/Dollar. At the moment, quotes of the pair test the lower boundary of the bands of the Bollinger Bands indicator. An insignificant correction is expected near the level of 1.1700, where again we should expect an attempt to continue the growth and further development of the upward trend in the Euro/Dollar pair near the level of 1.2000.
EUR/USD forecast Euro Dollar on August 7, 2017
The conservative area for Euro/Dollar pair buying is near the lower border of the Bollinger Bands indicator bands at 1.1745. Canceling the option of continuing the EUR/USD pair’s growth will be the breakdown of the lower border of the Bollinger Bands indicator bands, as well as the moving average with the level of 55 and the closing of the pair’s quotes below the area of 1.1650, which indicates a change in the trend in favor of the bearish Euro/Dollar. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.