EUR/USD Price Forecast – Euro trying to recover during thin Monday

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Updated: Sep 4, 2018, 05:34 UTC

The Euro has tried to rally during the day on Monday as we would have seen then volume in US trading as it was Labor Day. The market looks as if we are trying to take out some of the negativity from the last few days, and I think this could help the market try to recover overall.

The Euro rallied during trading on Monday, showing signs of life again. We had bounced from the 1.16 level, and I think that we may go looking towards the 1.17 level above. That’s an area that has been resistance, and I think that we will eventually go higher, perhaps reaching towards the 1.18 level. That’s an area that has been the top of longer-term consolidation and has been an attractive target for some time. A break above the 1.18 level is probably a sign that we go looking towards 1.20 level above which also has a lot of interest, so I think that the market continues to look forward to that level. If we can get some type of “risk on” type of situation, that should help this market as well.

The market looks likely to be very choppy in general, because of course we have the Brexit going on which directly influences the European Union as well. Currently, it looks as if the 1.16 level support, but I think the “floor” is closer to the 1.15 handle. I don’t think it’s going to be easier to break out to the upside, but it does look like we are probably going to at least attempt to make that move. The US dollar has strengthened greatly due to problems in the emerging markets, and if those can calm down I think that this market will recover.

EUR USD Forecast Video 04.09.18

About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.