Saturday, November 11, 2017

How Will EUR/USD Develop?

EUR/USD could not reach 38.2% Fibo of the correction to the downside but the bulls hurriedly started buying the EUR. Under these circumstances it’s logical to ask ourselves how high the European currency will rise. In my opinion, the first target to the upside will be around the resistance trend line of the move to the downside from 1.20924 (8th September 2017) to 1.15529 (7th November 2017).

In case the rally continues above that resistance we could expect a move north to 1.1800 - 1.1850.
In case, however, that the pair renews its move south from the resistance trend line, it could fall to 1.1480 – 1.1390.

Whether this is the entire correction of the impulse to the upside consisting of five waves is difficult to say as we should wait and see how the pair will develop in order to make further prognosis.