EUR/USD Price Forecast – Euro falls from resistance ahead of ECB meeting

The Euro pulled back a bit from the 1.1750 level as it has several times over the last week or so. However, there is plenty of support underneath and I think that it is only a matter of time before we find buyers looking to take advantage of cheaper pricing. Once the ECB meeting gets out of the way, it’s possible that the markets will breathe a sigh of relief and continue to go higher. When you look at the longer time frames, you can see that there is a bit of a symmetric triangle that we are working with, meaning that a larger move should perhaps come relatively soon. If we get that, I think it’s only a matter time before we go to the top or bottom of the larger consolidation area.

In other words, I think we would probably go looking towards the 1.1850 level above, assuming that we break out to the upside. If we break down significantly, the market could go as low as 1.15. It does look as if the buyers are trying to push the issue though, so I think that more than likely we will see some type of rally. During the day on Thursday, we are drifting a bit lower but I see the potential for turnaround near the 1.1675 handle below, and I see a lot of noise between here and there. I’m looking for signs of a bounce more than anything currently.

EURUSD analysis Video 27.07.18