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EUR/USD Price Forecast – Euro finding buyers to kick off week

By:
Christopher Lewis
Updated: Jan 28, 2019, 16:19 UTC

The Euro initially fell during the trading session on Monday but found buyers underneath the turn around and show signs of life again. However, there is a lot of noise above so it is going to take a significant amount of momentum to continue going higher.

EUR/USD

The Euro initially pulled back a bit during the trading session on Monday but found enough buyers to turn around and rally a bit. There is a lot of noise above though, so I would be a bit cautious about putting too much money to work. However, it does look as if we are trying to get back to the 1.15 level again, as it is a large, round, psychologically significant figure, and it is where the 200 day EMA is currently heading towards. I think that this will be more of a “grind” higher than anything else, and if you plan on trade in the Euro, you are probably going to have to deal with this type of sloppy action still.

EUR USD Forecast Video 29.01.19

That being said, the 61.8% Fibonacci retracement level is just below, near the 1.12 handle. From a longer-term perspective, that should continue to make things look very attractive to the upside, but obviously we have a lot of moving pieces in both the European Union and the United States right now. With that being the case, it’s likely that we will continue to see a lot of jitters in this market, but when looked at from a longer-term perspective, it seems as if we are trying to form a bit of a bottoming pattern, or perhaps an “accumulation area” in the market. I think short-term pullbacks will continue to have opportunities for those who are willing to trade shorter-term charts.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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