EUR/USD Price Forecast – Euro bounces for Thursday session

The Euro rallied a bit during the trading session on Thursday, bouncing from the 1.13 handle. This is a market that continues to show a lot of resiliency overall, but just as resilient as it is, we continue to see sellers above.
Christopher Lewis
EUR/USD daily chart, January 04, 2019

The Euro bounced a bit during the trading session on Thursday, showing the 1.13 level to be somewhat important. Ultimately, I think that the one thing you should be paying attention to is whether the lows continue to go higher. Right now, it looks as if we are still trying to form some type of rounded bottom, but we are a long way from breaking out. The 1.15 level above is your initial problem, and then beyond that you will have the 200 day EMA which is marked on the chart by the black line.

Euro to Dollar Forecast Video 04.01.19

I think we continue to see a lot of choppiness and indecision, because quite frankly there are a lot of concerns when it comes to the European Union. Economic numbers haven’t been that great, and of course that will weigh upon the Euro. Beyond that, we have concerns about the US dollar as well, as the outlook for the Federal Reserve and its actions aren’t necessarily as clear-cut as they once were. I think we will continue to have a lot of skittish behavior, and because of this I believe it is probably best to look at this as a back and forth short-term trading opportunity at best. I don’t know that anything changes in the short term, because quite frankly we have so many different moving parts between these two currencies that pay a major break out will take some type of significant newsworthy event. Right now, I think we just grind back and forth.

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