EUR/USD Price Forecast – Euro continues to see support underneath

The Euro pulled back slightly to kick off the session on Wednesday I believe that the market will eventually grind its way higher.
Christopher Lewis
EUR/USD daily chart, January 24, 2019

The Euro pulled back slightly during the trading session on Wednesday but continues to offer support at the trend line that I have marked on the chart. Because of this, I believe that the market will eventually break to the upside but it is going to take a long amount of time to build up the necessary momentum. If we were to break down below the trend line, that would be a very negative sign, perhaps reaching down to the 1.12 level. Otherwise, I think that we will try to make a move towards the 50 day EMA, but once we get above that level we will more than likely go much higher. At that point, the next target would be the 1.15 level, an area that will be difficult to overcome. This will be especially true as the 200 day EMA is just above there.

Euro to Dollar Forecast Video 24.01.19

I believe that this will be very choppy and difficult at times, so keep that in mind. Overall, I do believe that the 61.8% Fibonacci retracement level underneath near the 1.12 level can offer massive support as well. Because of this, I think that if we break down from here it is probably going to be somewhat limited as we are at such major levels on the longer-term charts. Obviously, the ECB meeting during the Thursday session will have a lot of influence on this pair as well, so I would expect a lot of volatility during that press conference, but at this point I still favor the upside in general as we continue to see buyers come back in and try to lift this market, and even as we have gone lower recently, you can see there has been a fight.

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.