EUR/USD Price Forecast – Euro breaks through support

The Euro fell during the trading session on Monday, breaking through the 1.13 level, an area that has been rather supportive. Ultimately, I think that the market will find a lot of pressure as we have so many issues involving the European Union.
Christopher Lewis
EUR/USD Midday daily chart, November 13, 2018

The Euro fell significantly during the trading session on Monday, to kick off the week with a very negative tone. Breaking through the 1.13 level, the market looks likely to continue to find sellers, and even though we are starting to see a bit of a bounce during the day, it’s likely that the sellers will come back into play, as the United States is currently in a rate hiking cycle, while the ECB almost certainly will have to keep things loose as the Italian debt situation continues to be very difficult.

EUR USD Forecast Video 13.11.18

Beyond that, economic numbers are starting slowdown in the European Union, so it’s only a matter of time before the sellers return on these rallies. I would look for short-term rallies that show signs of exhaustion, and then start selling again. That being the case, I think that the next target will probably be the round figure of 1.12, and then eventually the 1.11 level as it is even more important based upon longer-term charts. Because of this, I think it’s only a matter time before we get an opportunity to pick up the greenback on these rallies, but if we were to turn around and break above the 1.13 level, then on a daily close we would have to think about a more significant bounce, perhaps reaching towards the 1.15 level. A clearance of that level of course would be rather impressive, sending this market much higher. That seems to be unlikely though, as the market looks heavy.

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