EUR/USD Price Forecast – Euro range bound to kick off the weekThe Euro has broken down over the last several days, the remains range bound as we trade through the Monday session. It looks as if we continue to see a lot of support underneath, and I certainly think there is some to be found at the 1.15 handle, but right now it doesn’t seem that we can pick up any type of momentum.
After breaking down significantly for several days, it makes sense that we would probably need to take a bit of a break. As we dance around the 1.16 level, I think that we are trying to find some type of footing to go further in the market. However, I would not be surprised at all to see this market drift a little bit lower before finding a lot of buying pressure. This would be especially true near the 1.15 handle underneath, which has been massive support in this consolidation area for months now. We have been bouncing around between the 1.15 and the 1.18 levels, and the recent break down did nothing to change that.
When I look at the longer-term weekly charts, there is an obvious massive support level just below the 1.15 level as well, and it would take a significant structural breakdown to slice through there. It is because of this that I think the downside is somewhat limited currently, but there is some still to be had. Quite frankly, I’m looking to buy the pair, but I’m looking to do it at a little bit lower area if at all possible. I have standing buy orders below just above the 1.15 handle just waiting for that opportunity. Otherwise, if we can break above the 1.1650 level, we may make a return trip to the 1.18 handle.