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Christopher Lewis
EUR/USD daily chart, July 24, 2018

The Euro has fallen to start the week on Monday, as the 1.1750 level has offered far too much in the way of supply again. This is an area where we had seen a significant sell off recently, and it now looks as if we are going to continue to rollover and try to take advantage of the larger consolidation area. I believe that the market could go down to the 1.1650 level in the short term, perhaps even as low as the 1.16 level after that. Alternately, if we were to turn around and break above the 1.1750 level, then the market could go towards the top of the longer-term consolidation phase which I see as being restrained at the 1.1850 level above.

Regardless, this is a market that is going to be very volatile and choppy, as there are a lot of concerns about the trade war rhetoric, currency wars possibly flaring up, and of course there are a massive amount of political situations in the European Union the people are paying attention to. At this point though, the US economy seems to be stronger than many of the other ones, the European Union included, so it would make sense that perhaps the US dollar remains somewhat elevated in value. That being said, if we were to turn around and break above the 1.1850 level, then obviously things have changed. I don’t think that’s going to happen in the short term though, so I believe that we drift a bit lower.

EUR USD Forecast Video 24.07.18

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