EUR/USD Price Forecast – Euro rallies significantly on Friday

The EUR/USD pair rallied significantly during the trading session on Friday, reaching towards the 1.1170 level by the end of the day. At this point in time, it looks as if the 1.12 level above continues to be massive resistance that extends its way to the 1.1250 level. Overall, it’s very likely that we will see signs of exhaustion in that general vicinity that will keep this market down, but it should be pointed out that the Euro looks as if it is trying to form some type a bottom in this area.

EUR/USD Video 03.06.19

This doesn’t mean that the market is going to simply go higher, quite the opposite in my opinion. I think that the market will continue to go back and forth with the 1.11 level underneath offering massive support. That being the case, I think that short-term traders are looking to go back and forth with a range bound system.

However, if we break down below the 1.11 handle, then we could open the door down to the 1.10 level. That’s an area that’s even more supportive, but quite frankly I think that a break down below there would be a massive break down in general when it comes to risk appetite. Beyond that, if we can break above the 1.1250 level, it’s likely that the market will go to the 1.1450 level. At this point, I think we are simply going back and forth as we are in the summer months right now but be aware of these levels as they could send much more money into the market.

Please let us know what you think in the comments below