At the time of writing, the forecast of the Euro Dollar for August 2018 quotes of the currency pair are at 1.1650.
If you look closely at the daily chart of EUR / USD, you will easily notice that in April the Euro dollar fell sharply. From 1.24 to 1.15. By the standards of currency pairs, the fall of the exchange rate by 8% is a very significant drop.
Notice what happened before the fall. The quotes of the currency pair have long been locked inside the Forex triangle shape. Then there was a break through the wall of the triangle, and the Euro dollar with great force and speed went down.
Now we see a similar situation on the Euro dollar chart. The Euro dollar is virtually unchanged, the Euro-dollar exchange rate again began to lose its volatility. We also see that the quotes are already in the last third of the triangle. It is in this place, as a rule, and there is a break through Forex triangle shape. In the direction in which the triangle will be broken, in the direction and there is a subsequent movement. With very few exceptions.
As for the Ichimoku Kinko Hyo indicator, it shows a mixed result. On the one hand, the Euro dollar quotes are below the Ichimoku cloud. This is a signal of a downward trend. On the other hand, we see a buy signal from the red and blue lines of the Ichimoku indicator. The red fast signal line crossed the blue slow line from the bottom up.
In what direction will the Euro Dollar EUR / USD, depends on which side will be broken through the Forex triangle. One thing we know for sure – the support level stands at 1,1500. Therefore, if you want to open a position with an attractive profit/risk ratio – then buy EUR/USD right now at the market price. You can even increase the position if the Euro dollar will approach 1,1600. A stop-loss order below the support level at 1.1500.
Perspective-the growth of the Euro dollar in the area above 1,1900. That is about 300 points, with a risk of 100 points.
Thus, the forecast of the Euro Dollar in April involves breaking through the Forex triangle shape and a strong recoilless movement towards a breakthrough.