EUR/USD Price Forecast – Euro continues to bounce around in rangeThe Euro fell a bit during the training session on Wednesday, but at this point we are simply trading in the same range we have been in for some time now. With that in mind, simple range bound systems probably continue to be the best way to deal with this currency pair.
The Euro fell slightly during the trading session on Wednesday but quite frankly we are in the middle of the overall consolidation range that I have been tracking. The 1.11 level on the bottom is support while the 1.12 level above is resistance. The resistance even extends all the way to the 1.1250 level, so it’s not until we break above there that I’m comfortable buying or a longer-term. At that point, I suspect that the Euro could go to the 1.14 handle.
Euro to Dollar Forecast Video 30.05.19
To the downside, the 1.11 level should be rather supportive as it has been rather reliable. However, we break down below there then we could see this pair go down to the 1.10 level where there’s even more support. A breakdown below that level would be catastrophic for the common currency.
All things being equal, I do believe that the EUR/USD pair is trying to form some type of longer-term bottom, and that’s never an easy proposition. Quite often it takes several months to happen, and with the US economy looking like it’s slowing down a bit we could see a return to higher levels eventually. That being said, in the short term I believe that trading is 100 point range is probably one of the easier traits in the Forex world, as long as you recognize it for what it truly is – a short-term traders type of market, but that isn’t necessarily unusual for this pair.
Please let us know what you think in the comments below