EUR/USD Price Forecast – Euro is little on TuesdayThe Euro did very little during the trading session on Tuesday as markets are simply treading water with little in the way of news to move the market. Under that circumstance, it’s obvious that the market won’t do much, so it makes sense that we are at the 1.12 level and simply sitting there.
The Euro went back and forth during trading on Tuesday as currency markets were relatively quiet after the Memorial Day weekend. That being said, the market looks as if it is hanging around the 1.12 handle, a significant resistance barrier that extends at least 50 pips. We can break above the 1.1250, then it’s likely that we could go to the 1.13 level.
EUR USD Forecast Video 29.05.19
Otherwise, the market looks as if it will go back and forth quite a bit, and therefore I recommend shorting closer to the 1.12 level, and buying closer to 1.11 level. If and when we break out of this overall range, then we can start to trade for bigger moves. Until then, I wouldn’t expect much in this market, other than a short-term “smash and grab” situation. This market looks as if it is settling into a range, which is quite common during the summer months, as traders begin to focus on beaches rather than charts.
If you are patient or not you should be able to play a range bounce system to be quite profitable. However, I will keep you advised your effects of situation dictates a change in our approach. In the meantime, I would look for short-term trades, probably the variety of 35 pips or so at a time. If we break down, the 1.10 level will be massive support. If we break higher, the 1.14 level will be massive resistance.
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