EUR/USD continues to chop around with significant support just underneath

The EUR/USD pair went back and forth during the trading session on Thursday, using the 1.2350 level as support, an area that has been both support and resistance as of late. The uptrend line underneath should continue to keep this market afloat, and I believe that the buyers will continue to jump into this market to pick up value as it presents itself. If we can stay above that uptrend line, then the market will continue to be a “buy the dips” situation. If we were to break down below that uptrend line, I think that the market could go to the 1.21 level underneath. That area is massively supportive.

Ultimately, I believe that the 1.25 level will be broken to the upside, and I think that we will eventually go to the 1.32 level based upon breaking above the top of a weekly bullish flag several months ago. I think we are trying to build up the necessary momentum to break out to the upside, but it continues to be very difficult. I think that given enough time, we will find buyers being the victors in the end. I think that short-term traders will continue to come in and pick up little bits and pieces of the Euro as well, so it’s essentially a “two speed market.” I believe that the market will continue to be very difficult, but eventually we will get the necessary momentum. Because of this but be bullish until that uptrend line gets broken to the downside.

EURUSD analysis Video 20.04.18