EUR/USD Price Forecast – Euro stagnant on WednesdayThe Euro went back and forth during the trading session on Wednesday, bouncing around above the 1.1350 level. More importantly, were hanging about the 200 day EMA so it’ll be interesting to see whether or not we can hold from here. At this point, this is a market that is trying to assert its bullishness.
The Euro went back and forth during the trading session on Wednesday as we continue to see a lot of choppiness. At this point, I anticipate that the market is going to try to find buyers at the 200 day EMA and the 1.1350 level. The market has resistance above at the 1.1450 level that extends to the 1.15 handle. Once we break above there it’s very likely that the market will enter a major uptrend and could last for several years. With the Federal Reserve looking likely to cut rates, it makes sense that this market could continue to rally. After all, the ECB has been dovish for quite some time so this was already known. That being the case it’s very likely that markets are trying to turn for the next several years.
Euro to Dollar Forecast Video 27.06.19
To the downside I think there is plenty of support as we have seen the 61.8% Fibonacci retracement level hold. Ultimately, this is a market that has been oversold for some time and now that we are starting to form a bit of a “rounded bottom”, it would make sense that the buyers are starting to jump in and try to take advantage of an obvious change. Overall, this is a market that has a lot of choppiness ahead of it but it certainly looks as if it is a “buy on the dips” type of market going forward as the US dollar is getting hammered against several other currencies.
Please let us know what you think in the comments below