EUR/USD Price Forecast – Euro Shows Signs Of Failure

The Euro has rallied initially during the trading session on Thursday but gave back the gains as we reached towards the 1.12 level. By failing here, it shows just how precarious this recent upward motion is.
Christopher Lewis
EUR/USD daily chart, November 01, 2019

The Euro initially tried to rally during the trading session on Thursday but struggled at the recent highs again, turning around to show signs of exhaustion. By doing so, it looks as if the market isn’t ready to go higher anytime soon, as the 200 day EMA looms large just above near the 1.12 to handle. That should continue to cause major selling pressure, as the market would then reach down towards the bottom of the recent consolidation. The 1.1075 level has offered significant support so at this point in time it’s likely that the market will continue to find buyers in that area. Beyond that, the 50 day EMA underneath there should offer better support.

EURUSD analysis Video 01.11.19

With the jobs number coming out on Friday, it will more than likely cause a bit of volatility, so give it enough time the market will undulate back and forth. At this point, if we break above the 200 day EMA is a very bullish sign, but we need to see a significant break out and perhaps even a weekly close above their as well. The market breaking below the 50 day EMA would send this market down to the 1.09 level below, which is the most recent low. As this market continues to show signs of exhaustion, sellers will come in and take advantage of the longer term trend over the last three years. Quite frankly, this looks like a decent sell opportunity unless of course we get an impulsive rip to the upside after the figures come out.

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
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.