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.

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
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.