EUR/USD Price Forecast – Euro looking for support on Wednesday

The Euro initially fell during the trading session on Wednesday but continues to show signs of life as the 1.12 level has offered support. Above there, the 1.13 level continues offer resistance, so I think we are simply going to bounce back and forth in this general vicinity. I think short-term trading back and forth is probably the best way to play this market, but ultimately we have a couple of central banks here that are willing to ease monetary policy, so it’s difficult to imagine a scenario where either currency shows a lot of strength. This means that we could very easily drift a bit lower, just as we could drift a bit higher. I think we are going to continue to see a lot of noise and therefore it’s difficult to imagine a scenario where you should jump “all in” when it comes to this market.

Euro to Dollar Forecast Video 18.07.19

If we break out of this 100 PIP range, then we have an obvious area from which to trade. That being said, it’s difficult to imagine that is going to happen over the next couple of sessions, and then we will eventually get that impulsive candle we need. As soon as we get that impulsive candle, then we can start to trade with a little bit more confidence. Ultimately, this market is a perfect sign of how the overall global markets have been acting. This is a simple barometer of how global markets are simply waiting for some type of catalyst.