EUR/USD Price Forecast – Euro Continues To Grind Towards Resistance

The Euro has rallied slightly during the trading session on Tuesday, but at this point it’s likely that the market is going to run out of momentum, as there are several reasons to think that there is plenty of resistance just above.
Christopher Lewis
EUR/USD daily chart, November 20, 2019

The Euro has rallied again to start the Tuesday session, but at this point it looks as if the market is ready to roll over again, as the 1.11 level will more than likely cause bits and pieces of resistance as it has previously been supported. Ultimately, the market is likely to see a lot of back and forth trading, as this pair tends to be very choppy. Ultimately, the market should continue to see a lot of volatility, as market participants are all over the place as far as what to do with the US dollar. Beyond that, the European Central Bank is likely to continue to see a lot of loose monetary policy in the future, and that should weigh upon the currency in general.

EUR/USD Forecast Video 20.11.19

Furthermore, there are a lot of concerns out there as to what’s going on with the global economy, and with the Federal Reserve on hold it makes sense that the US dollar will continue to attract a certain amount of money flow anyway. That being the case, I’m not interested in buying this pair until we break above the 200 day EMA, which is currently at the top of the “M pattern.” Overall, the market continues to be very noisy, as is the case most of the time but we are in a larger downtrend. At this point, the 1.10 level underneath offer support, and if that area gets broken through, then it’s likely that the market could go down to the 1.09 handle which has previously been important.

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