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Christopher Lewis

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.

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