EUR/USD Price Forecast – Euro continues to consolidate

The Euro fell a bit during the trading session on Tuesday, wiping out the gains from the Monday session. Quite frankly, this is a market that has been consolidating for some time, so it’s difficult to get overly aggressive in one direction or the other at this level. When you look at the longer-term chart, you can see that the 1.12 level underneath has been very supportive, just as the 1.15 level above has been very resistant. With all of that in mind, we can employ a reasonably stable and reliable type of trading plan.

EUR/USD Forecast Video 27.03.19

As you can see on the chart, I have a couple of turquoise boxes, showing where the support and resistance falls. This isn’t a situation where we have support and resistance at the exact figure, it’s more like we have ranges that we can pay attention to. With that in mind, I am a buyer of the Euro near the 1.1250 level, just as I would not hesitate to sell near the 1.1450 level. It’s not until we break out of this overall consolidation that I think it’s going to be possible for longer-term traders to get involved. Until then, there’s no need to fight the market you just simply work with what it’s offering. Right now it is offering a lot of back-and-forth stuff, and that’s fine as we can make quite a bit of money from that. As soon as we get the significant breakout, then we can put money to work for a bigger move.

Please let us know what you think in the comments below