EUR/USD Price Forecast – Euro bounces for major support levelThe Euro bounce during the trading session on Monday, as traders came back from the weekend and found the Euro sitting at a massive support level. This massive support level should continue to hold from what I see.
The Euro found the 1.12 level to be massive support yet again, as we bounced during early trading on Monday. The market of course is going to struggle as there are a lot of problems in the European Union currently, but the reality is that economic numbers on the United States are slowing down as well, so it’s difficult to imagine a situation where there will be enough excitement to send the US dollar into a frenzy. Quite frankly, we are getting to the point where we are starting to see significant concerns with both economies, and therefore it’s very likely that we will stay within the range that we have carved out as of late.
EUR USD Forecast Video 02.04.19
While the 1.12 level underneath is massive support, you have to keep in mind that the 1.15 level above is massive resistance. With that being the situation we find ourselves in, and the fact that we are so significantly obvious as far as our range, so at this point I’m a buyer here and then I would take profit somewhere closer to the 1.1450 level which is the beginning of massive resistance. Looking at this chart, there is most certainly more risk to the upside then down.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
However, if we did break down below the area around the 1.12 level, the market could very well find itself into a freefall down to the 1.10 level. However, so far it doesn’t look like it’s a serious threat, so it’s likely this bounce should lead to a longer-term trade to the upside.
Please let us know what you think in the comments below