EUR/USD Price Forecast – Euro rallies to kick off MondayThe Euro rallied a bit during the trading session on Monday, as Europeans came back to work. Ultimately, we are reaching towards the “fair value” of an overall consolidation area, so it’s likely that we will see a lot of back-and-forth.
The Euro has rallied a bit during the trading session on Monday, reaching towards the middle of the overall consolidation area. Remember, the 1.12 level has been massive support, while the 1.15 level above has been massive resistance. With that being the case, it’s very likely that we are going to continue to see a lot of volatile short-term trading. When you have an area that is this well-defined, it makes sense to wait until we get to the outer ranges to place a trade.
EUR USD Forecast Video 26.03.19
If we get towards the 1.1450 level, it’s likely that we could start selling off again, as there is major resistance it of course the 200 day EMA up at that level. On the other side, the 1.1250 level is the beginning of significant support. Until we get to one of these areas or at least close to them, there is no reason to be involved. With the European Central Bank and the Federal Reserve both looking soft, there’s no reason to think that these currencies are going to go in one direction or the other. I believe that we are going to continue to see a lot of choppiness and sideways action overall, so with that being the case it makes sense that you should simply wait on the sidelines and wait for a nice opportunity that gives you a bit of movement. If you are trading the Euro in this general vicinity, you are simply guessing as to where the next coin flip goes.
Please let us know what you think in the comments below