EUR/USD Price Forecast – Euro continues to struggle to keep gains

The Euro fell a bit during the trading session on Wednesday, as we continue to see a lot of resistance near the 1.1450 handle, which of course extends to the 1.15 level. The pair has been very sloppy as of late, and I think it is going to be more of the same. We are currently trading between the 1.1250 level and the 1.1450 level, and I don’t see the market breaking out of their quite yet. However, I would point out that perhaps we are trying to form some type of “rounded bottom”, which is indicative of accumulation.

EUR/USD Forecast Video 27.12.18

The Federal Reserve is suggesting that interest rate hikes work necessarily on auto drive has of course thrown a bit of a monkey wrench into this situation, and I would also point out that the 1.12 level coincides quite nicely with the 61.8% Fibonacci retracement level of the initial breakout, so having a support level at that area makes a lot of sense. I think ultimately, this pair will make a decision but it won’t be until after the new year celebrations are over. The biggest problem here is that we have a Federal Reserve that seems like it’s waffling a bit, but we also have a European Union that is a mess, not to mention the fact that we have the Brexit going on which of course there is a lot of uncertainty into the EU as well. Out of all of the major pairs, this is my least favorite at the moment.