EUR/USD Price Forecast – Euro pulls back to find more buyers

The Euro initially pulled back a bit during the trading session on Tuesday but found buyers underneath the turnaround of form a bullish candle stick. It looks as if the miniature bull flag is starting to kick off, and it’s likely that we will continue to try to grind higher looking at the chart, it seems as if currency traders are assuming the Jerome Powell will talk down the value of the US dollar during the Humphrey Hawkins testimony over the next couple of days.

EUR/USD Forecast Video 27.02.19

Looking at this chart, it seems as if there is more than enough support underneath the continue to push higher, and perhaps reach as high as the 1.1450 level, possibly even the 1.15 level after that which I see as massive resistance. Currently, I believe that the Euro is bottoming longer-term, and therefore I believe that the 1.1250 level is essentially going to be the “floor” at the moment. In general, buying the dips should continue to work on short-term charts, but recognize that the ECB is extraordinarily loose with its monetary policy as well, and of course the European Union is printing relatively negative economic numbers.

Based upon the miniature bull flag that we just broke out of, it looks very likely that the market is going to go to the previously mentioned 1.1450 area, which would simply continue the overall consolidation. I feel at this point that is a very probable outcome.

Please let us know what you think in the comments below