EUR/USD Price Forecast – Euro tries to bounce

The Euro tried to rally a bit during the trading session on Monday, as we continue to see a lot of volatility surrounding the European Union because of the Brexit, concerns about the Italian debt situation, and quite frankly global growth continues to be an issue as well. People are starting to bet that the European Central Bank is going to remain relatively loose with monetary policy, so that is starting to weigh upon the Euro in general. That’s not to say that we can’t rally in the short term, and quite frankly I think we probably will. However, as we approach the 1.1450 level, I think there are plenty of selling opportunities as the US dollar will continue to strengthen due to interest rate differentials and of course concerns around the world when it comes to global growth.

EUR USD Forecast Video 27.11.18

I think the 1.15 level above is going to continue to be a massive resistance barrier, and I think that the market will struggle to break above there, and eventually the sellers will of course overwhelm the situation. I think at this point, you can look at the 1.15 level as the beginning of a 100 point resistance barrier. Once we break above the 1.16 level, then the market could go as high as the 1.18 handle, but obviously that would take a significant amount of bullish momentum and good news to make that happen. I think at this point it’s probably easier to simply fade rallies for short-term trades at the first signs of exhaustion.