FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
20,044,523Confirmed
734,490Deaths
12,914,295Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
EUR/USD

The Euro has rallied significantly during the trading session on Tuesday but is starting to find trouble in the same area that it has multiple times. Because of this, I believe that the market is likely to see a lot of trouble in the 1.1400 area, as it is the beginning of massive resistance extending all the way to the crucial and psychologically important 1.15 handle. Quite frankly, I do not see this market breaking above the 1.15 level anytime soon, despite the fact that it has tried so hard. Ultimately, I think that this is a market that will find plenty of reasons to continue being choppy, but I think the biggest thing to pay attention to more than anything else is going to be the fact that the market is very range bound.

EUR/USD Video 24.06.20

We are at the top of the longer-term range, so do not be surprised at all to see a return to lower levels, although I am not necessarily thinking that we are going to see the Euro suddenly implode. With this, I think the as we reached closer to the 1.14 handle, there should be selling opportunities based upon exhaustion, and I will be more than willing to take advantage of those potential opportunities. This is not to say that I think it is going to be straight down, but the fact that we have been so parabolic lately tells me that it is only a matter of time before we run out of some type of momentum.

For a look at all of today’s economic events, check out our economic calendar.

Advertisement
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

Trade With A Regulated Broker

  • Your capital is at risk