EUR/USD Price Forecast – Euro Shows Choppy Behavior Yet Again

The Euro continues to go back and forth, with the trading session on Thursday showing an initial rally, only to be sold off again as the 1.11 level offers a lot of resistance.
Christopher Lewis
EUR/USD daily chart, November 22, 2019

The Euro continues to look very choppy and confused, as the 1.11 level offers a lot of support and resistance going back and forth. At this point, it looks very likely that the market breaking above the top of the shooting star could send this market towards the 1.12 level, but it’s going to take a significant amount of momentum to do so. Alternately, if the market was to turn around a break down below the hammer from the Wednesday session, it’s likely that we go looking towards the 1.10 level underneath. Breaking that level opens up the door to the 1.09 level and continues the overall downtrend. I do believe that the downtrend does continue given enough time.

EURUSD analysis Video 22.11.19

Currently, the Forex world is very quiet as we are lacking news and quite frankly there are a lot of people out there with conflicting opinions. There are few pairs that are less mobile than the EUR/USD pair, so the fact that it is going nowhere should not be surprised at all. You can clearly see that the Euro struggles in general to make bigger moves, but when you look back over the last almost 2 years, we have been grinding lower for quite some time. Ultimately, this is a market that should continue to go lower given enough time, but you are going to need to be very patient in order to realize those gains. If the market were to close above the 200 day EMA on a daily chart, or perhaps even a weekly chart, then I might be convinced to start buying for a bigger move. Until then, I assume that we are still in a downtrend.

Please let us know what you think in the comments below

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