EUR/USD Price Forecast – Euro finding support

The Euro fell initially during the trading session on Friday but found enough support below at the 1.13 level to turn things around and show interest at the 1.1350 level. This is an area that seems to be a magnet for price currently, but ultimately it’s very likely that we will see buyers come back in and push this market to the upside. Currently, we have been trading in a major consolidation area that extends all the way to the 1.15 handle above, so it’s likely that we are going to see an attempt to get back there. Ultimately, I do think that we get there, based upon the soft Federal Reserve.

EUR/USD Video 25.02.19

This isn’t to say that it’s going to be easy, and it isn’t to say that there won’t be the occasional noisy trading environment. Quite frankly, the market looks very noisy due to the fact that neither Central Bank looks to be overly hawkish suddenly, and that has thrown a lot of confusion into the market. With that in mind, it makes sense that we are simply rotating, which is what markets do when they don’t know what the outlook is. The 61.8% Fibonacci retracement level underneath continues offer support at roughly 1.12, so I think we are trying to build a bit of a basing pattern but this basing pattern may take months to complete.

Please let us know what you think in the comments below