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EUR/USD Price Forecast – Euro Pulls Back

The Euro pulled back a bit during the trading session on Thursday, after forming a massive shooting star on Tuesday. This should not be a huge surprise though, because the 1.12 level has caused issues more than once.
Christopher Lewis
EUR/USD Price Forecast - Euro Pulls Back

The Euro initially tried to break higher during the trading session on Thursday but has broken down through the bottom of the shooting star from the Tuesday session. At this point, it looks like the Euro is going to continue to struggle with the idea of being above the one point to handle, but I also recognize that there are series a “higher lows underneath, and the moving averages are starting to turn. What I suspect this means is that the Euro is going to continue to struggle to break out, but it certainly looks as if it’s going to try to do just that.

EURUSD analysis Video 03.01.20

Over the next couple of days, I would not be trading this pair, but it looks to me like we are going to see an attempt to reach down towards the 200 day EMA, and then possibly turn right back around. If we can break above the top of the shooting star from Tuesday that would be the signal for me to start going long and aiming for the 1.14 handle. As far as selling is concerned, you could do so right now but recognize that there are a lot of things to chew through to get back down to the 1.10 level. Quite frankly, this is part of what makes this pair so difficult and most of the time pointless to trade, it’s nothing but chop back and forth. We are still technically in a downtrend but certainly trying to press the issue to the upside. You probably going to be better off leaving this alone for the next couple of days.

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