EUR/USD Price Forecast – Euro breaks large number

The Euro initially tried to rally during the trading session on Monday, but then broke down significantly to slice below the 1.10 EUR level. At this point, it’s likely that there might be a little bit of support, but at the longer-term focus you would see very likely more negativity. At this point, the 50 day EMA which is pictured in red on the chart above should continue to send this market lower. All things being equal, the Euro should continue to suffer at the hands of the US dollar due to the fact that the economic figures coming out of the European Union on Monday were poor to say the least. Both French and German PMI numbers were lower than anticipated, and therefore it’s likely that the Euro will continue to try to grind through the support of area.

EUR USD Forecast Video 24.09.19

At this point, the market could very well go looking towards the 100% Fibonacci retracement level below, which is closer to the 1.0450 level. At this point, the market is likely to try to reach their but it’s going to take a long time to get down to that level. Rallies at this point should continue to find plenty of resistance above, so signs of exhaustion are going to offer opportunities for those trying to take advantage of the negativity. In fact, it’s not until we break above the 50 day EMA on a daily close that one would have to be worried about a bounce, and even if we did get above there, the longer-term trend isn’t changed until the 200 day EMA above is broken on a daily close. In other words, fading the rallies should continue to work.

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