EUR/USD Price Forecast – Euro Continues To Struggle

The Euro initially tried to rally during the trading session on Monday, but then rolled over significantly. At this point it looks as if the 1.11 level continues to be a major issue, as it is a large, round, psychologically significant figure. Also, on the chart you can see that the 50% Fibonacci retracement level has offered significant resistance at the circle. The 200-day EMA sits just above that area, and therefore it makes sense that we continue to see an overall negative attitude in this market, as we see plenty of concerns around the European Union.

EUR USD Forecast Video 29.10.19

Currently, the 200-day EMA is crossing through the 61.8% Fibonacci retracement level, furthermore, strengthening the bearish case for this market. To the downside, the 50-day EMA sits near the 1.1025 level, and that could be the next target. Ultimately, this is a market that should continue to see a lot of back and forth choppy action, but the recent spike in the value of the Euro has been seen previously. In other words, although this has been a very significant move to the upside, it is not out of the ordinary and therefore shouldn’t be looked at through the prism of anything other than that. It is an excellent opportunity to pick up the US dollar, and it looks like several other traders around the world see the same thing I do on this chart. This doesn’t mean that we break down rapidly, but it does look like a grand lower is likely.

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