EUR/USD Price Forecast – Euro continues to fall apart

The Euro fell hard again during the trading session on Thursday, as we continue to drive towards the 1.10 level underneath. That’s an area that should attract a certain amount of attention, especially as we continue toward the jobs figures on Friday.
Christopher Lewis
EUR/USD daily chart, August 02, 2019

The Euro broke down a bit during the trading session on Thursday again, as we continue to see US dollar strength pick up. The Federal Reserve has suggested that it is more or less in a “wait-and-see mode” when it comes to interest rate cuts, and that has people repricing almost everything. With the European Central Bank likely to ease further into the future, it makes sense that the Euro gets hammered.

EURUSD analysis Video 02.08.19

The market breaking below the 1.11 level was in fact a significant turn of events, and it looks as if we could very well use that is a ceiling going forward. For example, I suspect that we are going to try to retake that level, but it should be rather resistive. The candle stick for the trading session on Thursday being broken down through the bottom could also send this market back to the downside. Breaking through the 1.10 level would open up the possibility of dropping to the 100% Fibonacci retracement level. That’s an area that is closer to the 1.05 level.

This doesn’t mean that we get there overnight, as the Euro tends to chop around quite a bit for the most part. At this point, I think rallies are to be sold unless of course we can take out the candle stick from the Wednesday session. If we were to retake that level, then it would show you real resiliency that you can probably start to believe in. In the meantime, it looks very likely that the market continues to go a bit lower.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US