EUR/USD Price Forecast – Euro pulls back

The Euro initially tried to rally during the day on Thursday but then pulled back a bit from the 50 day EMA again, just as we did on Wednesday. By pulling back the way we have, it looks as if we are trying to find more value underneath. As you can see on the chart I have a couple of ranges that I’ve been paying attention to, on the outer edges of a 300 pip consolidation area.

EURUSD analysis Video 12.04.19

I still believe that the 1.12 level underneath is going to be massive support, while the 1.15 level above is massive resistance. Overall, it looks as if the market will continue to be very noisy and choppy down here, but I do think that there is enough support to think that the market is probably going to bounce longer term. That doesn’t mean that it’s going to be easy and of course there are a lot of noisy issues out there, such as the Brexit. With that being the case it’s very likely that we are going to see micro-moves, but overall we are closer to the bottom of the defined range than the top, so by default buying is probably the way to go.

Ultimately, I do think that we go looking towards 1.1450 level but obviously were going to need quite a bit of momentum between here and there to make that happen. If we were to break down below the 1.1150 level, then we could go down to the 1.10 level, but that would probably be in reaction to some type of major financial problem.

Please let us know what you think in the comments below