EUR/USD Price Forecast – Euro finds support

The Euro initially fell during the trading session on Friday, but then turned around to show signs of support below the 1.1150 level. That doesn’t mean that we are ready to start buying, it is only a matter of time before the sellers get involved again would be my guess. That being the case, I believe that the 1.12 level will be significant resistance that is difficult to overcome, and therefore I’m looking for a selling opportunity. I probably won’t get it until Monday afternoon, but I am not willing to buy what looks to be a rather positive candle stick.

EUR/USD Video 06.05.19

I think sometimes it’s simply a matter of being paid to wait on the right trade. The Euro shows this right now, and therefore simple signs of exhaustion might be the best way to deal with what looks to be a nice trade set up. The alternate scenario of course is that we break down below the bottom of the candle stick from the session, which would unwind the Euro even further.

As far as buying the Euro is concerned, I would need to see the candle stick from the Wednesday session, a massive shooting star, broken to the upside in order to be convinced. Keep in mind that the liquidity on Friday is a bit low, so you can only read so much into the candlestick after the announcement. Patience will be needed to place the proper trade, and therefore as far as this market is concerned I will have headed into the weekend flat.

Please let us know what you think in the comments below