EUR/USD Price Forecast – Euro rallies again

The Euro rallied significantly during the trading session on Wednesday, breaking towards the 1.13 level. We have given back some of the gains though, so I think we are still looking for some type of pullback. However, if we can break above the 1.1325 handle, the market is likely to go much higher. I have no interest in trying to put a lot of money into this market, but it’s obvious that we have broken through a pretty significant resistance barrier. Because of this, I think we are trying to continue the base building that we have been doing for some time, so now to me it looks as if the 1.11 level underneath continues to be the “floor” in the trend.

Euro to Dollar Forecast Video 06.06.19

Even if we do break down from here, I think the 1.12 level will probably attract a lot of attention as well. We have clear the 50 day EMA rather substantially, so it’s likely that a lot of algorithms are starting to pick up the Euro as well. At this point, I believe that the market is ready to continue going higher, but that doesn’t mean it’s going to be an easy trade. With that in mind, look for short-term pullbacks to take advantage of as the central bank in America looks ready to kill the greenback. All we need now is some type of positive news coming out of the European Union, in this market is probably ready to go much higher. Are we seeing the end of the downtrend? It’s possible at this point given what we have seen over the last several days.

Please let us know what you think in the comments below