EUR/USD Price Forecast – Euro continues to flounder

The Euro went back and forth during the trading session on Wednesday and followed the same path during the day on Thursday. Quite frankly, we just don’t have anywhere to be at this point, and therefore it’s probably a short-term scalping type of market.
Christopher Lewis
EUR/USD daily chart, July 19, 2019

The Euro went back and forth during the trading session on Thursday, as we continue to see a lot of questions about both central banks. Quite frankly, they both are going to be very loose with their monetary policy, and that means that the currency pair won’t have anywhere to be. The 1.12 level underneath is massive support, just as the 1.13 level above is massive resistance. Beyond that, the 50 day EMA sits right around the 1.13 level, an area that has offered significant resistance previously. The market continues to go back and forth in general, and I think at this point it’s very likely that the market is probably one that you should be trading from a short-term timeframe at best. There’s about a 100 PIP range that we are working with, so therefore you can’t hang onto a trade for a significant amount of time.

EURUSD analysis Video 19.07.19

Looking at this chart, if we did manage to break above the 1.13 level on a daily close, it shows significant strength, but we have a massive amount of resistance at the 1.1350 level as well. Underneath, the 1.12 level has been massive support so if we can break down below the 1.1180 level, the market then probably goes down to the 1.11 level underneath which is also massive support. In other words, there’s so much in the way of noise in this market that it’s almost untradeable for anything more than a short-term scalper. Expect more of the same going forward.

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

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.
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.