EUR/USD Price Forecast – Euro looking for resistance above

The Euro has broken above the 1.10 level during the trading session on Monday, in a bit of a relaxing of negative pressure due to the Brexit suddenly becoming a little less likely at the October 31 day. That being the case though, it’s likely that we will eventually continue to find downward pressure at the 1.1050 level. Ultimately, this market will eventually find reasons to fall, as the European Union has a whole handful of issues, not the least of which is that Germany is going into recession. We also have the Brexit noise which will continue, and of course there has been a significant amount of technical damage done recently.

Euro to Dollar Forecast Video 05.09.19

To the downside, I anticipate that this market will probably try to go down to the 1.05 region which is the 100% Fibonacci retracement level. To the upside I think that as far as we can go is the 1.11 level, which is major area of potential resistance above. Ultimately, I think that this market will find plenty of resistance there not only due to the structural shape of the chart, but also the fact that the 50 day EMA is going to be there. Ultimately, this is a market that still should be sold, at least until something structurally changes either in Germany, the Federal Reserve, or the Brexit. That is going to be very unlikely in the short term, so keep that in mind. Overall, this market still remains a “fade the rallies” situation.

Please let us know what you think in the comments below