EUR/USD Midday Technical Analysis November 1

The Euro spiked higher during the trading session on Thursday, reaching towards the 1.14 level but it does seem to be struggling a bit there as I record this. Beyond that, I see significant resistance barriers at both the 1.1450 level and the 1.15 handle as well.
Christopher Lewis
EUR/USD Midday daily chart, November 01, 2018

The Euro has rallied significantly during the day on Thursday, reaching towards 1.14 level which of course attract a lot of psychological attention. Beyond that, I think that with the jobs number coming out tomorrow it’s unlikely that this pair will make massive moves after what we have already seen. I think that the marketplace continues to be one that is a bit cautious, so therefore I think it’s only a matter time before we start selling again. That doesn’t mean that I’m expecting some type of meltdown, just that I think we continue to see a lot of bearish pressure above. Any spike that we get after the jobs number I am willing to start selling on signs of exhaustion, but in the meantime I think it’s probably going to be more of a drift lower.

Euro to Dollar Midday Forecast Video 01.11.18

The 1.1450 level above is resistance as well, and then of course the 1.15 level which is a large come around, psychologically significant figure. I think that will be the “ceiling” in the marketplace and at this point a break above there would be a huge shift in not only momentum but also attitude. I don’t expect that, and I think at this point we are very likely to see market participants fade this rally and go back to the US dollar as nothing has fundamentally changed between the two economies. Ultimately, I am a seller but I recognize that above 1.15 we could reenter that previous consolidation.

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