EUR/USD Price Forecast – Euro tests support yet again

The Euro fell during the trading session on Wednesday after trying to bounce from the 1.1450 level, which is an area that has been important more than once. Now that we have broken down through the 1.15 level it is starting to act as resistance, and of course there will be a lot of concerns when it comes to the Euro. If we break down to a fresh, new low, then I think we can continue to go much lower, perhaps as low as the 1.1350 level. This area that we are testing is a major area though, as it was previously massive resistance going back several months.

We are retesting that level, and so far it has held but I think at this point things are looking a little bit more bleak than just a few weeks ago. At this point, I think that the market is still supported, but I would certainly watch this area because it could be important. If we can break above the most recent high, then we could continue to go a little bit higher. At this point, we will continue to go back and forth based upon the Italian debt situation, and political headwinds overall in the EU. I think at this point, there is probably an opportunity to short this market unless we make a fresh, new buy on short-term rallies.

EUR/USD Forecast Video 24.10.18