EUR/USD Price Forecast – Euro continues to grind higherThe Euro initially shot higher during the day on Monday but has given back a bit of the gains early during the day. That being said though, we are above the 200 day EMA, something that hasn’t happened for quite some time.
The Euro has shot higher during the trading session on Monday but gave back the gains early and the New York session. All things been equal though, we have broken out above a major resistance barrier in the form of the 1.1350 level. It’s very likely this will continue to attract attention, so at this point I don’t have any interest in shorting this market. Even if we break down below the 1.1350 level, I think there will be plenty of buyers underneath and trying to jump in.
EUR USD Forecast Video 25.06.19
I see the 1.1450 level above as the next major resistance barrier, and the most likely target. All things being equal though, we have seen a bit of a massive surge higher so you may look for short-term pullbacks to take advantage of a bit of value. While the ECB does remain dovish, the fact that the Federal Reserve had been hawkish until just the last few sessions means that the US dollar has to “play catch-up” in terms of dovish and is.
Ultimately, I think we have seen the bottom and the EUR/USD pair, but that doesn’t necessarily mean that we go straight up in the air. Quite frankly, this can be an extraordinarily long and painful process, changing the overall trend. At this point though, it seems to be a market that you should be looking at it as offering value on pullbacks, as we have recently made a bit of a double bottom, followed by a higher low.
Please let us know what you think in the comments below