EUR/USD Price Forecast – Euro rallies above round figure early on Thursday

I believe at this point the Euro is oversold and we are starting to see a return to “normalcy” in this market. Overall, I believe that this market will probably try to recover from this general vicinity but we obviously have the jobs number to worry about during the Friday session. Because of this, it’s likely that we will see a lot of back and forth during the day, and quite frankly these days are very difficult to trade. My experience is that most of the time we end up basically unchanged by the end of the day. This would make sense as we already know that the US economy is stronger than the European economy, but at the end of the day, I also believe that the Euro is oversold so anticipate seeing a bit of value hunting in this general vicinity.

There is a massive amount of support underneath, and quite frankly I think that given enough time we will bounce. That doesn’t necessarily mean that we are going to break above the top of the consolidation area near the 1.18 level, but clearly we have been a bit overdone over the last several days, so I think there is a buying opportunity here. I believe that the 1.1450 level underneath is the beginning of a huge cluster of noise in this market that based upon weekly charts should continue to bring in fresh demand. However, this isn’t going to be easy trading today, and never is.

EURUSD analysis Video 05.10.18