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EUR/USD Price Forecast – Euro Continues To Hover Around Large Figure

The Euro went back and forth during the trading session, as Tuesday was more of the same that we have seen on Monday. At this point, the market continues to see the 1.10 level as significant support.
Christopher Lewis
EUR/USD daily chart, November 27, 2019

The Euro went back and forth during the trading session on Tuesday, as we continue to hang about the 1.10 level. This is an area that has been support in the past, as well as resistance. It is a large, round, psychologically significant figure, and as a result it’s very likely that we will continue to see a lot of noise. At this point, if we can break down below the 1.0990 level, then it’s likely we will continue to reach towards the 1.09 level, possibly even the 1.0750 level, an area that features a major gap that has yet to be filled.

EUR/USD Forecast Video 27.11.19

Looking at this chart, it is still in a major downtrend, and the most recent high was definitely lower than the “double top” that had formed previously. At this point, the simple fact of the matter is it’s easier to short the Euro than it is buy it. That being said though, the pair does tend to be rather choppy and noisy, so quite frankly it’s better to wait for rallies that you can short that it is to simply jump been. However, a break down below the most recent low could send more sellers then, but I would not be looking for a bigger or huge move as this pair very rarely makes them. It’s more of a grind, so in a sense the Euro almost lends itself to be a longer-term traders type of market. I have no interest in buying this market as it currently stands, but of course will keep you updated if anything changes.

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