EUR/USD Price Forecast – Euro Rolls Over Again

The Euro fell during the trading session after initially trying to rally during the Tuesday session. The 50 day EMA has offered a bit of resistance, and it does look very much like a market that is trying to break down towards the lows again. The market has been very choppy but more importantly, it has been very negative.

EUR/USD Forecast Video 16.10.19

The 1.10 level of course will attract a lot of attention, as the round figure typically do. This is an area that has been crossed several times though, so the resiliency of the 1.10 level probably has lost some bigger. With that being the case, I do think that we continue to slice lower and test the lows yet again. The 61.8% Fibonacci retracement level is far above, so that typically means that we are going to go looking towards the 100% Fibonacci retracement level.

The Euro of course suffers at the hands of a potential recession, while the United States has been growing the entire time. With this, money continues to flow in the United States, and of course Brexit will have its way with the Euro and all things European related currently. All things being equal, this is a market that is simply continuing to grind back and forth, showing signs of choppiness but one thing that has been a longer-term factor is that sellers continue to return. With that, it’s very likely that we will see rallies faded, just as we have seen at the crucial 50 day EMA. The short-term ceiling above is the 1.11 level, so that should be paid attention to as well.

Please let us know what you think in the comments below