EUR/USD Price Forecast – Euro roars back

The Euro initially fell during the trading session on Thursday, breaking below the 50 day EMA. The 1.12 level has offered enough support to turn things around and cause a major bounce, as we continue to press resistance.
Christopher Lewis
EUR/USD daily chart, June 07, 2019

The Euro continues to be very volatile as we initially fell during the trading session on Thursday but found enough buying pressure the 1.12 level to turn things around and cause a massive bullish candle. The question now is whether or not we can break out from here, which at this point certainly looks plausible. However, we have the jobs number coming out on Friday and then of course will cause a lot of volatility with the greenback.

EURUSD analysis Video 07.06.19

If we were to break above the 1.1325 handle on a daily close, then we could start to talk about a bigger move. However, if we see selling come back in near that area again, we could form a couple of shooting stars, which of course is a very negative sign. At this point, it seems like we are in the midst of a tug-of-war, between those who believe that the Federal Reserve is going to cut rates, and those who think that betting on that is a bit premature. Yes, the Federal Reserve has suggested that it would do what it takes, but at this point one would have to wonder whether or not we have reached a point where they would do so.

All things being equal though, it does look like we are at least attempting to form a bit of a “W pattern”, which of course is a bullish sign. If we do get that break out to the upside, expect an attempt to reach the 1.1450 level. If we do not get that break out, and end up going lower, it’s likely that we will return to the 1.11 region again which has been so supportive.

Please let us know what you think in the comments below

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

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.
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.