EUR/USD Price Forecast – Euro chops around on Thursday

After the brake higher during the trading session on Wednesday, the Euro has pulled back a bit during the day as it looks like traders are awaiting the jobs number for Friday. That’s not a huge surprise, there’s a lot of confusion around the Euro right now anyway. There are concerns about contagion still, as European banks are knee-deep in Turkish debt. Beyond that, the rumor that came out about the Brexit negotiation softening have been disputed by the Germans, so I think there’s a lot of confusion in the market right now.

If we can break down below the 1.16 level, we will probably drive down towards the 1.15 level again. Otherwise, we could break above the 1.1660 level, and start reaching towards 1.17 level above. This is a market that will continue to be very choppy and I think that until the jobs number come out, it’s likely that the market will continue to go back and forth in short term moves. If that’s your forte, then by all means start looking for scalping opportunity between the couple of levels that I have mentioned, as I think the markets are probably going to be rather quiet until we get that next catalyst.

Looking at the longer-term charts, we still remain within a consolidation area defined by the 1.18 level on the top, with the 1.15 level underneath offering a significant support. However, I think that the market will continue to struggle for direction.

EURUSD analysis Video 07.09.18