EUR/USD Price Forecast – Euro chops on Tuesday againThe Euro chop back and forth during the trading session on Tuesday, just as it did on Monday. That being the case, it’s obvious that the market is starting to run into some resistance, which it has seen here previously.
The Euro went back and forth during the trading session on Tuesday, as we continue to run into trouble just above. Ultimately, I think that we are very likely going to pull back a bit, perhaps reaching down towards the 1.1250 level where I would anticipate buyers coming back in. When you look at this chart, you can see a larger “W pattern” forming, which of course is a good sign of a potential reversal. Ultimately, I think that we are looking at the end of the downtrend, but that doesn’t mean it won’t be nasty and impulsive.
EUR/USD Forecast Video 12.06.19
At this point, you can anticipate that part of this is going to be due to the Federal Reserve stepping away from its hawkish stance, and therefore it makes the US dollar a bit overpriced. That being said, if we have some type of major financial problem, a board, we will see the US dollar strengthen. Barring that, we should see the Euro continues to pick up a bit of value, but with the Germans being on the edge of recession, it’s very unlikely that it will explode to the upside. I anticipate that we will run into a lot of trouble near the 1.15 level later this summer.
If we did break down, the 1.11 level of course would be massive support. If we break down below there, it opens up the door to the next large, round, psychologically significant figure in the form of the 1.10 level which of course will attract a lot of attention.
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