EUR/USD Price Forecast – Euro finds resiliency on Thursday

I’ve been talking about a rounded bottom in this pair for some time now, and the price action on Thursday only solidifies that thought process for me as the market breaking below the major trendline and then bouncing during the press conference tells me that there is still a lot of underlying demand. I do recognize that it’s going to take a lot of momentum to finally break out to the upside but I think at this point we are looking at a slow grind higher, perhaps reaching towards the 1.15 level over the longer-term. With this in mind, a break above the candle stick for the Thursday session is in fact a very strong signal that we are in fact going to go higher, but don’t think that it’s going to be a straight shot to above resistance. I think that the market will continue to be very erratic, and you will of course need to find a certain amount of patience to benefit from this move.

EURUSD analysis Video 25.01.19

The market certainly looks as if it is ready to sell the US dollar, which I think is the main driver of this pair going higher. Think of this more as an investment and less of a trade as it is going to take a significant amount of pressure and patience. If we can break above the 200 day EMA, then it would change the entire trend, but we aren’t near that yet. With that in mind, patience and scaling into a position is probably the best way to go.