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Christopher Lewis
EUR/USD daily chart, October 11, 2019

The Euro has rallied quite impressively during the trading session on Thursday, slicing through the 1.10 level finally, but at this point it looks as if the market is struggling to continue that uptrend, and it certainly looks as if the 50 day EMA is going to cause some issues. Overall, I think that at this point the market still has to prove itself, but this move was indeed rather impressive. Unfortunately for the buyers, there is a ton of resistance above. This isn’t exactly a trend change, but it is certainly a nice recovery by the Euro.

EURUSD analysis Video 11.10.19

With that, I’m looking for some type of exhaustive candle to start selling again, perhaps as high as the 1.11 handle, and will be looking at the daily close to see how this plays out. Overall, this is a market that will continue to be volatile, but with the US/China trade talks going on, one would have to think that there will be a major “risk off” move given enough time. Ultimately though, we also have the Brexit going on and that could cause major issues with the Euro as well. At this point I think the exhaustion will come back into the market and fate the Euro, perhaps dropping below the 1.10 level again. Expect a lot of volatility over the next couple of days.

Please let us know what you think in the comments below

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