EUR/USD Price Forecast – Euro chops back and forthThe 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.
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.
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