EUR/USD Price Forecast – Euro Pulls Back To Kickoff Week

The Euro has pulled back slightly during the trading session on Monday, to show signs of weakness to kick off the trading week. However, at this point it should also be noted that the 200 day EMA and the 61.8% Fibonacci retracement level continues to look as if it offers a bit of short-term resistance. The market has the 50 day EMA underneath at the 1.1050 level, and therefore it’s likely that we will continue to go back and forth in this area until we can get some type of catalyst.

EUR USD Forecast Video 05.11.19

At this point, the market looks very likely to continue to be choppy overall, and with the 200 day EMA and the 61.8% Fibonacci retracement being just above, it could continue to push this market lower as it has been in a long-term downtrend. Overall, the market could very well find itself falling at the first signs of trouble but at this point if the market was to break above the 1.1250 level, the market could start to break out and move to the upside. All things being equal, this is a market that will continue to be choppy to say the least, which is typical for this pair, so one has to look to the longer-term charts to determine where things are likely to go. At this point, it still looks very negative but that obviously can change if we get better economic figures coming out the European Union. For what it’s worth, the Manufacturing PMI figures were slightly better than anticipated during the early hours on Monday.

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