EUR/USD Price Forecast – Euro rolls over a bit during the Thursday session

The Euro rolled over just a bit during the trading session on Thursday, as we continue to see a lot of volatility in the marketplace. Breaking above the 1.15 level the other day was crucial though, and I think it will serve as a good sign for those looking to go long of this market. I believe the 1.15 level now should be massive support, as it has been important so many times in the past. Ultimately, I think that the market will eventually find a reason to continue to go higher, especially if we can get some type of resolution to the Turkish issue. Beyond that, I think some pundits are starting to think that perhaps they oversold the Euro in reaction to that Turkish situation, and if that’s the case we certainly could go higher from that fact alone.

I believe that the market may need to pull back to the 1.15 handle, but certainly I would be interested in playing any type of bounce that occurs there. At that point, we could see a very nice run higher. Otherwise, if we break down below the 1.15 handle, it’s likely that we break down significantly from there and reach towards the 1.14 handle initially. If we get good economic news for around the world, that should be reason enough to lift this market anyway. The US dollar has been correcting for a while, and if we can get some type of confidence out of emerging markets, that should help power this pair higher.

EURUSD analysis Video 24.08.18