EUR/USD Price Forecast – EUR shows signs of weakness again on Thursday

The Euro fell again during the trading session on Thursday after initially looking bullish, but there is a significant amount of support below. Because of this, I think this is a short-term phenomenon, but the shooting star the four hour chart that sent this market lower of course is a bit concerning. I think there is massive support down to the 1.1450 region, so at this point I am stepping to the side and waiting for a supportive candle or a bounce to take advantage of that support.

If we break down below the 1.1450 level on a four hour chart and close, then I’d be willing to sell again, perhaps reaching towards the 1.13 level underneath. Overall, I think that we are simply grinding the overall and trying to figure out where we are going next. There are a lot of concerns and the European Union, including the Brexit, the Italian debt situation, and many other things. However, we should also pay attention to the treasury yields in the 10 year note for the Americans, as it has been suggesting how the US dollar could trade, higher interest rates of course are good for the greenback, but bad for the Euro.

Expect volatility, trade small, but recognize that if we break above the shooting star, extensively the 1.1530 level, then we could get a little bit of momentum to the upside for a nice move towards the 1.16 handle.

EURUSD analysis Video 19.10.18