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Christopher Lewis
EUR/USD daily chart, July 16, 2019

The Euro tried to rally during the trading session on Monday but gave back quite a bit of the gains as we approached the 1.13 level. This is an area that has shown resistance previously, as we ended up forming several inverted hammers. We are now trying to form a shooting stars in the same area so I think at this point it shows just how choppy and difficult this market is going to be. If we can continue to go higher, then the 1.1350 level will also offer resistance.

EUR USD Forecast Video 16.07.19

At this point, the world is trying to decide what the central banks in this pair are going to do. We know that the Federal Reserve is very likely to cut interest rates during the month of July, but the question now is whether or not they will continue to cut? Beyond that, the ECB looks likely to ease its monetary policy as well, so this is going to be a fight between a couple of lightweights. There is a long history of chopping this market around, so at this point I find it very difficult to put larger positions on for a longer time.

The 61.8% Fibonacci retracement level near the 1.12 level continues offer support, so at this point I think we are in about a 100 PIP range, and therefore there isn’t much to do unless of course you can trade short-term back and forth type of positions.

Please let us know what you think in the comments below

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