EUR/USD Price Forecast – Euro looking for support

The Euro fell again during trading on Tuesday but looks as if it is trying to find support near the 1.1350 region, the beginning of a previous support zone down to the 1.13 handle. If this area can hold, I think the pair may get a short-term bounce.
Christopher Lewis
EUR/USD Midday chart, October 30, 2018

The Euro pulled back a bit during early trading on Tuesday, but it looks as if it is trying to find some type a bottom near the 1.1350 level, extending down to perhaps the 1.13 level based upon previous trading action. If we get a bounce, I think there is a legitimate chance of resistance being found near the 1.1450 level that extends to the 1.15 handle. In fact, I am a bit suspicious about rallies until we can break above the 1.15 handle, especially if it would be on a daily close. If that happens, then it’s likely that the Euro will continue to recover for a longer-term move.

EUR/USD Midday Forecast Video 30.10.18

If we break down below the 1.13 level, then I think we are looking at a move to the 1.10 level, which could happen based upon the fact that we are still going through the Brexit, which of course will cause a lot of headline risk when it comes to the Euro, and with that and all of the global growth concerns, it makes sense that the US dollar continues to see buying pressure overall. However, we are bit overstretched so a bounce makes perfect sense, which could offer a short-term trading opportunity. I suspect that we still have a lot of choppiness ahead of us so I am keeping my position size about half of what I would normally trade when it comes to the Euro, or quite frankly most Forex pairs right now.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.