EUR/USD Price Forecast – Euro continues to look for buyers on short-term dips

The Euro looks likely to be choppy and a bit listless heading into the trading session on Wednesday, as we await the Federal Reserve and its interest rate decision. If we do in fact get an interest rate cut, that should help the Euro in general. However, the thing that people will pay the most attention to is the statement afterwards as people will be looking to what the Federal Reserve may do in the future. Ultimately, this is a market that need some type of direction, and we should get it late during the Wednesday session. Between now and then though, I think we don’t have anywhere to be.

EUR/USD Forecast Video 31.07.19

The 1.11 level underneath is massive support, so if we were to turn around and break down through there it would of course be a negative sign, perhaps opening up the door to the 1.10 level after that. However, to the upside if we were to break above the 1.12 handle, that sends this market looking towards the 1.13 level after that. A break above there then it opens up a much bigger move. This will come down to what the Federal Reserve does though, so at this point I think what we are seeing is a potential bottoming pattern, but of course this will all come down to Jerome Powell and whatever is said.

Ultimately, this is a pair that should give us quite a bit more in the way of answers over the next 24 hours, but between now and the 2 o’clock hour in the afternoon Eastern Standard Time, there may not be much to do.

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