EUR/USD Price Forecast – Euro softens during Monday trading

The Euro initially tried to rally during the trading session on Monday but turned around at the 1.1550 level and fell below the 1.15 handle by the time the Americans came on board. It does look as if the pair is trying to soften, and I suspect that most of this is due to the fears coming out of the Italian debt situation. Overall, I think that this pair will continue to be rather jittery but I also recognize that the 1.1450 level underneath has been stringent support, and I think it is going to take a lot of work to break down through it. I anticipate that we will eventually get a bit of a bounce, but obviously there are a lot of things out there that are weighing upon the currency pair.

The US dollar of course is very strong currently, and with higher interest rate that will of course help this pair go to the downside. Overall, Italian debt interest rates are starting to abate a little bit, and that could help the Euro going forward. Overall, I think the most important thing to pay attention to on the chart is the recent lows which have formed a bit of a “double bottom”, and if that double bottom holds, that could be the beginning of a nice buying opportunity. I believe that selling at this point is probably a bit difficult to do, at least until we can break down below those levels.

EUR USD Forecast Video 23.10.18