EUR/USD Price Forecast – Euro remains resilient

The Euro continues to grind towards the 1.15 level above, in what seems to be an area that has been resistive as of late, but I think it’s only a matter of time before we build up the necessary momentum.
Christopher Lewis
EUR/USD daily chart, January 10, 2019

The Euro initially fell on Wednesday but then turned around to show signs of life again. The 1.15 level above continues to be an area of importance that I think it extends to the 200 day EMA, pictured in black on the chart. Because of this, it’s going to take a little bit of effort to break out from here but it does look as if the Euro is trying to form a so-called “rounded bottom.” A break above the 200 day EMA would confirm this and send the markets much higher. At that point, I would anticipate that the market probably goes looking towards the 1.18 level above.

Euro to Dollar Forecast Video 10.01.19

It’s not even necessarily that I love the Euro, it’s more like the US dollar is finally showing signs of weakness because of the words of Jerome Powell suggested that perhaps the Federal Reserve wasn’t “on autopilot” when it comes to interest rate hikes. If that’s the case, we could very well see the US dollar softened overtime. I think looking at this chart, you have to look at short-term pullbacks as buying opportunities as we banged against the 1.15 level repeatedly. Eventually, the resistance will give way and we should rally from there. I think there is support underneath that continues to be very stringent, probably closer to the 1.1350 level now, assuming that we can even get back down to that level. I’d be patient, but a daily close above the 200 day EMA would have me going long of this pair. In the meantime, you could do short-term pullbacks for small trades.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US