EUR/USD Price Forecast – Euro chops back and forth

The Euro went back and forth during the trading session on Monday to kick off the week as we are at somewhat extended levels. That being the case, it’s very unlikely that the market is ready to take off right away, as we are at a resistance region.
Christopher Lewis
EUR/USD daily chart, June 11, 2019

The Euro went back and forth during the trading session on Monday, as we are at the 1.13 region. This is an area that has been resistance in the past, and the fact that we gapped lower to kick off the week suggests that perhaps there is a little bit of profit taking going on. I do think that there is plenty of support below, especially near the 1.1250 handle. That’s an area where I would expect to see a lot of interest in buying, so some type of hammer or other type of candle in that region might be interesting for me.

EUR USD Forecast Video 11.06.19

Ultimately, this is a market that I think continues to see a lot of noise, as we have a lot of problems in the European Union, but we also have the Federal Reserve stepping away from its tight monetary policy. If that’s going to be the case, then there may be a bit of a boost from the greenback softness anyway. Ultimately, I think that this market probably goes looking towards the upside, but it’s not going to be easy. I think that we are trying to form some type a bottom in the pair, which is almost always a very messy affair. Because of this, expect a lot of back and forth but take advantage of dips that show signs of support. I don’t have any interest in shorting right now, I think the Federal Reserve stepping away from a monetary policy tightening stance is going to have more of an effect than anything else.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US