EUR/USD Price Forecast – Euro rallies on Monday

The Euro rallied during Monday trading, and then pressed the 1.16 level early in New York trading. At this point, it looks as if we are ready to continue to try to find legs underneath this rally and push the Euro higher. With that being the case, it’s very likely that we will go looking towards the 1.1650 level again, and then possibly the 1.17 level after that. Keep in mind that there of course are a lot of concerns around the world when it comes to trade and emerging markets, so that will continue to push the US dollar round, which by extension will push this pair around.

However, it must be said that the 1.15 level looks very resilient when it comes to support, and I think it will probably hold for the time being. In other words, this is a market that is probably best  thought of as one that you can buy on dips and therefore I think we will continue to see more of a “risk on” profile in the short term. This should also be good for commodities if you are trading those, as the US dollar has such a major influence on them. Ultimately, this is a market that I think is trying to find its footing, and of course will be very choppy as we have many of the world’s traders coming back from holiday this week. Expect choppy trading conditions, but it looks as if the buyers are very resilient.

EUR USD Forecast Video 11.09.18