EUR/USD Price Forecast – Euro continues to chop in consolidation

The Euro pulled back a little bit during the trading session on Tuesday, reaching down towards the 1.13 level. However, there is plenty of support underneath and extending all the way to the 1.12 level. To the upside, there is a significant amount of resistance at the 1.15 level, and ultimately that is a ceiling that the market can’t break out and above. Ultimately, this is a market that need some type of catalyst to break out.

EUR/USD Forecast Video 06.03.19

In the meantime, simply playing the range seems to be working out quite well, and therefore we are closer to the bottom, which tells you should be looking for buying opportunities. The 1.12 level underneath is the 61.8% Fibonacci retracement level, based upon the entirety of the big move. Because of this, I think it will be very difficult to break down below there, not to mention all of the order flow that we see down in that area.

The 200 day EMA at the 1.15 level course has a certain amount of technical influence as well, as a lot of longer-term systems will automatically program that in as resistance. That being said, I plan on taking full advantage of the 300 point range until it proves itself to be over with. All things being equal, I believe that the market probably breaks out to the upside easier than the down, as this is more reflection of the Federal Reserve more than anything else. That being said, we play the market we have in front of us, which is a lot of back and forth.

Please let us know what you think in the comments below