EUR/USD Price Forecast – Euro continues to try to find support

The Euro continues to be very noisy, as we drift lower but there is a significant amount of support just below as well. I think at this point it’s probably best to sell rallies because there is so much in the way of resistance above between the 1.1450 level in the 1.15 level. Exhaustive candles would be an invitation to short again, but if we were to break significantly above the 1.15 handle, then I think the market could go much higher. At that point, we would be looking at least 1.16, possibly even as high as 1.18 which was the top of the previous consolidation area.

EUR USD Forecast Video 30.10.18

Quite frankly, if the Euro has any chance of recovering, we need to see this market stabilize in this area and it simply cannot break down to a fresh, new low. If it does, we could start unwinding quite drastically. The 1.13 level should be rather stringent support, so keep an eye on that level. I think that it should hold, at least in the short term but below there we probably have this market looking towards the 1.10 level next.

I expect that we will continue to see a lot of short-term trading back and forth, and therefore I would focus more on short-term charts such as the 15 minute chart in this type of environment. We are oversold though, so I think that short-term buying opportunities may present themselves over the next 24 hours or so.