EUR/USD Price Forecast – Euro falls but finds buyersThe Euro fell a bit during the trading session on Tuesday to kick off the day, but we turned around of form a hammer. The 1.13 level is offering resistance, but if we can break above there I think that this market could go much higher. At that point, we would essentially return to the overall consolidation, as this is an area that has been very important.
The Euro fell initially during the trading session on Tuesday but turned around to form a rather supportive looking candle by the time we were in the middle of the US trading session, reaching towards the 1.13 level. If we can break above that level, and then more importantly the candle stick from the Monday session, then we could continue to go to the upside. At this point, it’s likely that the market could reach towards the top of the overall consolidation area which is as high as the 1.15 level. At this point, I think that the market at the very least looks very likely to bounce a bit from a relief rally standpoint.
EUR/USD Forecast Video 13.02.19
If we break down below the candle stick for the trading session on Tuesday, then the market could unwind towards the 1.12 handle. However, this point I don’t think that the market is likely to do that, especially if we do turnaround above the 1.13 handle. I think that the Euro has been oversold, so I’m looking for value hunters to come back into this area as the Federal Reserve has developed a much more lenient stance, which of course keeps the US dollar on its back foot longer term. At this point, I believe that the market is simply killing time, trying to figure out which way to run longer term.
Please let us know what you think in the comments below