EUR/USD Price Forecast – Euro Continues To Look Soft

The Euro initially tried to rally during the trading session on Thursday but continues to sell off every time it makes a move higher. Because of this, it’s very likely that the Euro will continue to go lower.
Christopher Lewis
EUR/USD daily chart, November 08, 2019

The Euro initially tried to rally during the trading session on Thursday, but as you can see struggled mightily to keep the gains and turned around to show that the 1.11 level will continue to cause major issues as far as resistance is concerned. Ultimately, this is a market that has been in a downtrend for some time so it makes sense that we would continue that overall malaise. Every time the market has rallied over the last 18 months or so, there has been a significant pullback and it looks as if that might be what we are getting ready to see right here.

EURUSD analysis Video 08.11.19

The 200 day moving average has caused a bit of a short-term “double top” that people will be paying attention to as it is a very negative sign indeed. The 50 day EMA is sitting just below so that could offer a bit of short-term support, but ultimately that is probably minor to say the least. All things being equal it’s very likely that we continue to see more of a grind lower than a meltdown, and it looks likely that the 1.10 level will be a target for most traders. Ultimately, fading rallies has worked for almost 3 years and there’s no sign of it changing anytime soon. With that being the case, simple patience and waiting on signs of exhaustion will be the best way to trade this market, picking up the US dollar “on the cheap.” I have no interest in buying the Euro, it is mired in a downtrend and has been for ages.

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.