EUR/USD Price Forecast – Euro rips higher to start the week

The EUR/USD pair has initially rallied quite strongly on Monday, reaching above the 1.17 level. However, I do see a lot of supply above, so it will be interesting to see if we can break above the 1.1730 handle. If we do, that could signify that we are heading towards the 1.1750 level, but I don’t think we will be able to break above there until we get through some of the news coming out of very central banks and of course the jobs figures later this week. I believe that the market is starting to get a bit stretched to the upside, so as I said previously I’m looking for a short-term selling opportunity.

Beyond that, we have been in a symmetrical triangle for some time, and we still are. I think that maybe the jobs number might be the reason to break out of that triangle, so it’s probably not until Friday that we see a longer-term trade play itself out. Obviously, things can change due to geopolitical events or some type of news, but in the short term I think that the market will continue to be very noisy and difficult to hang onto for longer-term situations. If we were to break above the 1.1750 level, the market will probably then go to the 1.1850 level above which is the top of the overall consolidation from a longer-term standpoint.

EUR USD Forecast Video 31.07.18