EUR/USD Price Forecast – Euro continues to drift lower

The Euro has drifted a little bit lower during the trading session on Wednesday, reaching down to the vital 1.13 level that I had been talking about for some time. I think we could probably get a little bit of a bounce in here, but I’m not looking for anything major. I think some type of selling opportunity will present itself on rallies, and I will be more than willing to short this market on signs of exhaustion. I think that there are still a ton of concern when it comes to Turkish contagion into the European Union, and of course there is something that we are starting to see, a US dollars shortage around the world.

The Euro of course has been pummeled lately, so we will get the occasional value play, looking to pick up dips. However, I think this is probably best traded very patiently, and in the downside only. Look for shooting stars on an hourly chart or something like that, and I believe that the 1.15 level above is the “ceiling” of the market, and it’s not until we break above there significantly, perhaps on a daily chart that I would consider buying this market. Until then, I anticipate that we go much lower. In fact, some of my technical analysts friends are starting to talk about hitting as low as 1.05 by the end of the year. I’m not quite that bearish, but I certainly think that 1.10 is very possible. In fact, it’s my next target after 1.13.

Euro to Dollar Forecast Video 16.08.18