EUR/USD Price Forecast – Euro Falls As Jobs Number Impresses

The Euro fell during the trading session on Friday, as the US jobs number came out much stronger than anticipated. This sent money flowing towards the US dollar, so this point is very likely that the market should continue to favor the downtrend.
Christopher Lewis
EUR/ USD Price Forecast - Euro Falls As Jobs Number Impresses

The Euro initially tried to rally during the trading session on Friday, but the market pulled back towards the 1.1075 level, an area that had previously been resistance as well as support. At this point, the market is still very much in a downtrend and with the jobs situation in the United States going so strong, it should continue to be the case. At this point, the markets continue to struggle every time they get close to the 200 day EMA, something that seems very unlikely to be broken at this point. A breakdown below the 1.1075 level opens up the door down to the 1.10 level underneath. Breaking below that level then opens up the door to the lows at the 1.09 handle.

EUR/USD Video 09.12.19

Underneath there we have a massive gap at the 1.0750 level, an area that has yet to be filled so I think it is a longer-term target. Having said that, it is probably going to take quite some time to get down there so I anticipate that we will get more of the so-called “zigzag pattern” on the way down. It’s likely that the Euro will continue to struggle not only because of poor economics in the European Union, but the uncertainty of the final effect of Brexit, and of course the fact that the European Central Bank is likely to continue loosening monetary policy going into the future. I remain bearish but I also recognize that this is a market that is choppy to say the least.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.