EUR/USD Price Forecast – Euro continues to grindThe Euro continues to grind overall, as we see a lot of volatility around the 1.1350 level. This is an area that should continue to be very noisy, due to microstructure. At this point, I think the larger consolidation needs to be paid attention to though.
The Euro went back and forth during the trading session on Thursday, as we continue to see a lot of noise around the 1.1350 level. That’s an area that has been very choppy in the past, but I think if we can break above the highs from the trading session on Wednesday, then we could go higher, perhaps reaching towards the 1.1450 level. That is going to take a significant amount of effort, but quite frankly with the Federal Reserve looking a bit on the soft side, it would not be a surprise at all. Pullbacks at this point should probably attract a lot of attention as we are closer to the bottom of the longer-term consolidation area than the top.
EURUSD analysis Video 22.02.19
I believe that the 1.1250 level underneath is massive support, just as I believe that the 1.15 level above is massive resistance. In the meantime, this is a market that goes back and forth, and the choppiness is something that you can take advantage of if you are patient enough. The last couple of days though have been a bit choppy and grinding, so I think we need some type of catalyst to move the market. That being said, it is very likely that we will continue to see very tight trading, as we simply just don’t have the news flow. Breaking above the 1.1350 level is rather significant though, a lease from the short-term standpoint. With that in mind we certainly seem to have more of an upward proclivity at this point.
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