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Christopher Lewis
EUR/USD daily chart, October 25, 2019

The Euro continues to see a lot of noise in this general vicinity, and therefore it’s likely that we will grind it back and forth. The 50% Fibonacci retracement level has been crucial more than once, and now we have the added specter of the 200-day EMA above causing issues. At this point, if we were to break above that level which is currently sitting at the 61.8% Fibonacci retracement level, then market participants will have to determine whether or not the longer-term trend is finally changing. At this point, it looks as if the euro is trying to make some type of decision, but right now it doesn’t seem like it has enough momentum to do one thing or the other. In other words, this is essentially “dead money” in the short term.

EURUSD analysis Video 25.10.19

We will eventually get some type of impulsive candlestick that we can follow, and therefore patients will be needed to trade this market. All things being equal, it’s likely that the market needs to see some type of catalyst going forward. Right now, there just isn’t one and therefore this is essentially going to be a market that sit still and grinds around this area near 1.1150. At this point, market participants continue to see a lot of noise in lack of directionality. Longer-term though, we are still in a downtrend and that is something that should not be forgotten as the Euro has been selling off for a couple of years now.

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