The EUR/USD technical analysis and forecast for the week 4 July 2016 – 8 July 2016

EURO3

The European currency on the Forex trading Friday shows gains against the dollar. The international rating agency S&P downgraded the rating of the European Union to the level of AA, on one level down, due to connection with the Brexit, but on quotations EUR/USD is slightly affected. The output of the UK from the EU may affect the Union’s financial flexibility said in comments to the decision of the agency.

Euro-bulls show uncertain correction, the pair consolidated above the key level of 1.10. Relative Strength Indicator is directed to test the descending trend line on the daily chart, which is a signal to the new reduction in European currency. As part of the forecast EUR/USD expected growth of quotations in the region of 1.12, for the week 04/07/2016 – 07/08/2016, followed by a decrease in prices.

 

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