EUR/USD Price Forecast – Euro looking for support just below

The Euro has struggled a bit during the trading session on Wednesday, as we continue to see a lot of noise. Ultimately though, this is a market that is searching for a bottom ahead of a major announcement. I believe it’s only a matter of time before the 1.11 level offers a major support. Ultimately, this is an area that should continue to see buyers in this general vicinity. We’ve already formed a bit of a double bottom down there, so the question is whether or not we can hold that level. Eventually, if we can take out that level to the downside, it will open up an even more supportive level down at the 1.10 level.

Euro to Dollar Forecast Video 25.07.19

The ultimate scenario in this market is essentially that the Federal Reserve is eventually going to cut rates, and perhaps even cut further. Ultimately, I think that the market is likely to give the Federal Reserve more credence, at this point I believe that the market is eventually going to bounce. The question is whether or not it does it in the short term. I do believe that eventually the market will reenter the consolidation area between the 1.12 level and the 1.13 level above there. All things being equal, we may get a couple of days of volatility, but given enough time the market is likely to bounce, mainly because the Federal Reserve is by far the biggest central bank of the world and gets what it needs over the longer-term. We are in the process of trying to form a longer-term bottoming pattern, but it takes quite a bit of time.

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