EUR/USD Price Forecast – Euro bounces for major support level

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.

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