EUR/USD Price Forecast – Euro rallies on Wednesday

The Euro has a lot of resistance just above current trading levels, so I think at this point we could very well see some exhaustion coming back into the market. The 1.15 level is massive resistance, and I think that it’s only a matter of time before the sellers come back into this market. I do believe that we could break out to the upside, but right now I have to assume that the downward trend continues. I also believe that there are a lot of problems in the European Union currently, regardless of the fact that a lot of people seem to be paying more attention to the United Kingdom. There is still the Italian debt situation, which has not changed much.

Euro to Dollar Forecast Video 22.11.18

The US dollar of course is lifted by a flight to safety and of course interest rates rising in America. I think it is only a matter of time before we roll over again and start looking towards the 1.13 level. That would continue the overall downtrend, but keep in mind that liquidity is going to be very thin later in the day as it will be Thanksgiving in the United States. I believe at this point, markets will continue to be very choppy and erratic, but quite frankly with all of the headlines going on around the world, it’s not much of a surprise is it? I would trade with a smaller than usual position though, because quite frankly the Algo traders are causing such volatility at the moment.