The Euro continues to struggle in general, as the 1.15 level has been so crucial for quite some time in this pair. At this point, I believe that the market is going to continue to chop around, especially considering that the market is heading into the holiday season, which of course is a time of low liquidity and misdirection. At best I think we’re you are looking at a situation where we will continue to bounce between the 1.15 level above, and the 1.12 level on the bottom. That being said, we could be getting a bit of a short covering rally so if we get a daily close above the 1.15 handle, it’s possible that we could go to the 1.16 level and I might even be convinced to take a bit of a flyer towards the 1.18 handle.
EUR USD Forecast Video 24.12.18
If we do break down from here, I think that the market will go down to the 1.13 handle. This choppiness will continue to be a major issue for traders that are trying to discern the direction of what has become the realm of high-frequency traders. Ultimately, this is a market that is probably best avoided to be honest, at least until we can get some clarity and a break out of this range. However, if you are a short-term scalper, you may find yourself attracted to this type of action but it has been choppy and messy to say the least.
