EUR/USD Price Forecast – Euro dress lower during Wednesday session around big figure

The Euro has broken down a bit during the trading session on Wednesday, reaching below the 1.10 EUR level, but that isn’t really anything to worry about at this point more than the fact that it is psychologically important. After all, we have sliced through this level couple of different times now, so it’s probably only a matter time before we see a reactive bounce from this area, or perhaps a break down. This seems to be essentially “fair value” at the point, so the next couple of levels worth watching will be the 1.11 level above, and the 1.09 level below.

Euro to Dollar Forecast Video 26.09.19

The 50 day EMA is just above the recent consolidation, so it’s very likely that we will continue to see a bit of interest in that large indicator. That to me signifies quite a bit of resistance, and therefore I would be more than willing to sell signs of exhaustion in that area. To the downside, if we were to break down below the 1.09 level, then it’s very likely that the market will continue the overall downtrend, reaching down to the 100% Fibonacci retracement level, which is closer to the 1.0450 level underneath. This makes sense, as we are significantly below the 61.8% Fibonacci retracement level. At this point in time it’s very likely that it is more of a grind than anything else. It’s negative, but it isn’t necessarily a meltdown waiting to happen.

Please let us know what you think in the comments below