FXEMPIRE
All

EUR/USD Price Forecast – Euro Continues To Press Resistance

The Euro rallied early during the trading session on Thursday, as we continue to see a bit of bullish pressure recently. That being said, we are still in a very tight consolidation area and of course have a lot of resistance as shown from the previous session.
Christopher Lewis

The Euro rallied a bit during the trading session on Thursday but is pressing the 1.11 level an area that tends to cause a bit of resistance. Beyond that, we also have the 200 day EMA above that could offer a selling opportunity as well. Because of this, I believe that it is only a matter of time before we can start fading the rally, as this market is most decidedly in a downtrend. That being said, it does look like we are starting to set up a larger consolidation area from the recent action that I have seen.

EURUSD analysis Video 06.12.19

That consolidation area is defined by the 1.10 level on the bottom, and the 1.12 level on the top. That could be squeezing a bit as the 200 day EMA is just below the 1.12 level again, and the 50 day EMA is starting to turn higher. That will certainly have some effect on the market, and with the non-farm payroll announcement coming out during the training session on Friday it’s likely that we will see a lot of choppiness in this pair, as is not only normal, but when you get this jobs number eight gets exacerbated. In that sense, I don’t expect much to happen and I would be more interested in fading a rally than anything else. I don’t expect big moves though, so essentially, I’m looking for the market to get a little overbought on a short-term timeframe to start shorting again for a very small trade.

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
IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US