EUR/USD Price Forecast – Euro continues to find resistance at 1.14The Euro rallied a bit during the trading session after the jobs figure but continues to find a lot of resistance above the 1.14 handle. Because of this, I don’t think much has changed in ultimately this market is still looking for some type of directionality.
The Euro rallied a bit during the trading session on Friday after the jobs report came out but gave back quite a bit of the gains. By doing so, it looks like the market is trying to break towards the 1.15 handle, an area that I think is the gateway for much higher levels. However, the market simply cannot seem to get above there, and I think at this point it makes a lot of sense that we don’t have much in the way of longer-term movement. However, I think next year is going to be very interesting, because of the European Union can get its act together, the Euro is poised to rally rather drastically. After all, the Federal Reserve suddenly seems a bit more dovish. Unfortunately, the economic numbers in the European Union are exactly anything to brag about, and of course we have riots in places like Paris.
EUR/USD Video 10.12.18
The support underneath is at the 1.11 handle, so we are essentially right in the middle, essentially what I look at as “fair value.” I expect a lot of choppiness between now and the end of the year, as there won’t be a lot of drivers with perhaps the exception of the Brexit if somehow it does get settled in the short term. I anticipate back and forth between the area just above and the area just below is what we are going to see for the next several sessions.