EUR/USD Price Forecast – Euro Pulls Back From Resistance

As Christine Largarde gave her press conference, the Euro fell in what may be thought of as a simple pullback from major resistance. At this point in time, the market is likely to continue to trade in the same range that it has been in, with the 1.09 level offering significant resistance, and the 1.0750 level underneath is massive support. This pair does tend to chop around a lot, and trade in what can only be suggested as a simple continuation of what we have been seeing over the last couple of weeks.

EUR/USD Video 01.05.20

I do believe that there is probably more of a bearish trend than a bullish trend, but you can see that the market is likely to continue to go back and forth while chopping between the 1.09 level on the top and the 1.0750 level on the bottom as is typical in this market. In fact, this is a short-term scalper market, as far as longer-term traders are concerned. Quite frankly, the market is horrible for trend trading although recently we had seen quite a bit of real estate covered in the swings. At this point though, I believe it is simply a matter of going back and forth from the extreme edges of this consolidation range. If we break out of it, then I will re-assess the entirety of the market, but right now I do favor a slightly lower market than anything else. I suspect that we will have gone very little as far as movement is concerned by the end of the week.