EUR/USD Price Forecast – Euro falls during Wednesday session

The EUR/USD pair initially when sideways during the trading session on Wednesday, but then broke down towards the psychological barrier of 1.16 underneath. The market breaking below there would be a very negative sign, perhaps sending the market down to we test the 1.15 level underneath. That’s an area that was previous resistance, so it should now be significant support, as we have already seen last week. The question now is whether that level can hold, and if it doesn’t what happens next?

If we do break down below the 1.15 level, it’s very unlikely that we stop falling there. That would be a major breach of support, and I think that the Euro would unwind rather significantly. In the meantime, I assume that level is going to hold though, because we have recently made a “higher high”, after bouncing from the psychologically and structurally important 1.15 level. At this point, I anticipate that we will probably have some type of supportive action underneath, but clearly we are not ready to do so in the short term. Somewhere between the 1.16 level and the 1.15 level underneath, I would anticipate a bounce, but I would not be quick to jump into it at this point. I think it’s probably a situation where short-term sellers are going to continue to run the market, but if you are a longer-term minded trader, you may be looking for some type of supportive candle in a higher timeframe to start buying if we can stay above the aforementioned 1.15 level.

Euro to Dollar Forecast Video 28.06.18