EUR/USD Price Forecast – Euro continues to test major support

The Euro continues to be very resilient in the face of extraordinarily negative pressure. The 1.12 level has been the bottom of a major trading range, which extends all the way up to the 1.15 handle. Overall, the market continues to go back and forth and therefore the fact that we are at the bottom of it tells me I should be trying to buy this market, especially considering how negative people are on the Euro. Ultimately, we do have to have a place where we jump out of the trade, and for me that’s the 1.1150 level.

EUR/USD Forecast Video 03.04.19

When we look at the 1.12 level, it’s easy to see that the 61.8% Fibonacci retracement level is at that region, and of course the 1.12 level has been important more than once. It was the scene of massive buying at the last leg higher in what had been a turnaround in and uptrend forming, so therefore I do believe that the overall attitude of the market will be one of market memory in this area, meaning that we will continue to find a lot of interest here. If we can get a little bit of momentum to the upside, we could very well find ourselves reaching towards 1.1450 level, but that’s going to take two things: a catalyst, and time. If you do not have the ability to hang onto a trade for a while, this isn’t the type of range for you as it does tend to move somewhat slow at times.

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