EUR/USD Daily Price Forecast – EUR/USD Bounces Yet Again

The pair made a decent comeback towards the end of the London session and so far, the bulls have been able to hold on to the gains that they made yesterday. The pair had fallen during early trading hours in Asia yesterday as the dollar gained another round of strength and for a brief while, it did appear as though all was over for the euro bulls as the prices breached the 1.15 support region and this was before the London session began and with all the news and reports surrounding the fall, it was believed that the euro would suffer even more.

EURUSD Withstands Dollar Strength

But none of that happened as the euro gained in pace and managed to bounce off from the lows of the range and this helped the pair to push higher back through the 1.15 region in due course of time. This has weakened the dollar bullishness and now we are at a crucial juncture as far as the bullishness in the dollar is concerned. We have to wait and see how things pan out in the coming days and with loads of news from the US and around the world in the coming days, we should see a lot of volatility.

It is advisable for the traders to wait till all the news is released and the dust is settled so that they can then decide which way the dollar is going to go. The euro seems to be fairly stable at this point of time and all the attention of the market seems to be firmly on the Fed, Trump and the dollar and these are the ones that are likely to rattle the market in the short term. The recovery holds a lot of hope for the euro bulls for the short term and they would expect to come out on top in the battle that is likely to begin over the next few days. For now, the stance is neutral.