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.

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