Currency pair EUR/USD is trading at 1.1824. Quotes 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 average border of the bands of the indicator Bollinger Bands. A test of level 1.1790 is expected, where again we should expect an attempt to continue growth and further development of the upward trend for the pair Euro Dollar near the level of 1.1930.
EUR/USD forecast Euro Dollar on October 16, 2017
The conservative area for Euro/Dollar pair buying is near the lower border of the Bollinger Bands indicator bands at 1.1795. Canceling the option of continuing the EUR/USD pair 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 quotations below the area of 1.1760, which indicates a change in the trend in favor of the bearish for 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.