EUR/USD Price Forecast – Euro finds a bid early on MondayThe Euro initially pulled back during the trading session on Monday, but buyers came in to trying to push it to the upside. There is a massive amount of resistance just above, extending to the 1.15 level. Because of this, I feel that this is probably going to be an opportunity to start selling again.
The Euro initially fell during the trading session on Monday, but then turned around to reach towards the 1.1450 level. There is a lot of noise between here and the 1.15 handle, an area that of course will have a lot of psychological resistance built in, as well as structural resistance as we have seen sellers in that area previously. Ultimately, the US dollar continues to strengthen due to interest rate hikes coming out of the United States, while the economic figures out of the European Union haven’t been that hot lately.
EUR USD Forecast Video 20.11.18
If we were to break above the 1.15 handle, then that could send the market much higher, as it would show a significant break of resistance. If we were to do that, I think the 1.16 level would be the next target. Otherwise, if we roll over from here I think we just simply go to the 1.13 level again which has been like a magnet for price. The currency markets have been very jittery as of late, because quite frankly there’s a lot of confusion out there. I don’t expect that to change anytime soon, and therefore I believe that it is only a matter time before we do get the sellers coming back into this pair. Pay attention to risk appetite overall, that will also greatly influence what happens here as well.