EUR/USD Price Forecast – Euro rolls over

The Euro rolled over at the 50 day EMA to kick off the Thursday session, as we continue to see plenty of resistance, but we are within a major consolidation area.
Christopher Lewis
EUR/USD daily chart, March 15, 2019

The Euro rallied at the very beginning of the session on Thursday but then rolled over to show signs of exhaustion yet again. It looks as if the 1.13 level has been a bit resistive as well, but at the end of the day the 1.15 level underneath is massive support, and therefore I believe that the buyers will continue to show up in that area. Because of this, I suspect that this pullback will end up being a buying opportunity given enough time.

EURUSD analysis Video 15.03.19

To the upside I see a lot of resistance built in near the 1.14 level, and possibly extending to the 1.15 handle. It will take a certain amount of wherewithal to break above that level, and I don’t think it’s going to happen anytime soon. That being the case, it’s very likely that we continue to bounce around overall. Looking at the 50 day EMA on the chart, it’s obvious that there has been some technical selling there, but I think it has more to do with the 50 day EMA coinciding with the 1.13 level and therefore certain systems will have triggered a position.

Underneath at the 1.12 level there are a lot of buyers based upon the 61.8% Fibonacci retracement level, and of course the structural support that we have seen at that level recently. With that being the case, it’s very likely that we will continue to see buyers support that area, so a break down below the level would be rather impressive and could trigger more selling. However, I give that roughly a 10% chance at this moment.

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.