EUR/USD Price Forecast – Euro continues to power higher

The Euro broke above the 1.17 level, showing signs of life yet again. I think that the overall attitude of markets will continue to improve, and that should help the Euro, or perhaps more precisely: hurt the greenback as people step out on the risk appetite curve to other currencies and markets. The reality of the situation is that we will almost certainly test that previous high at the 1.18 level, which was the top of fairly significant consolidation. A break above that level opens the door to much higher levels, with the 1.20 level being the initial target. A break above there changes the overall attitude and trend of this market. Because of this, I think we will see a change in attitude relatively soon, assuming that the markets in general can hold themselves together in a risk on type of attitude.

If we do pull back, I anticipate that there are a lot of support levels underneath that should continue to keep this market afloat. If that’s the case, then I think we will eventually see the uptrend extend itself. I believe that there is support at the 1.1650 level, the 1.16 level, and most certainly the 1.15 level which should be the “floor” of the market. Buying on dips should continue to be the best way to play this market, and short bits and pieces, but I would become much more aggressive above the 1.20 level.

EUR/USD Forecast Video 29.08.18