EUR/USD Price Forecast November 6

The Euro wilted slightly during the trading session on Monday, as we continue to see the drama unfold between the Italians and the EU. However, I think at this point it’s probably more of a “risk off move” than anything else, as we still have a lot of questions involving global growth, which will have money flowing into the treasury markets in America. I think the 1.13 level will be tested again, and if we can break down below that level we could start dropping to the 1.12 handle. Rallies at this point will probably be sold, at least until we can break above the 1.15 level on a daily close.

EUR USD Forecast Video 06.11.18

I look at this as a market that is slightly negative, I’m not looking for some type of massive break down. I think that a general grind lower is probably what we will see. The 1.14 level will act as a minor barrier, so I suspect that the short-term rallies will continue to show opportunities to short on lower time frames. Overall, I think that this market continues to be negative, but again I think that the massive volatility is probably somewhat gone and therefore I think we are looking at short-term selling opportunities again and again as the market is somewhat skittish and therefore I think that the US dollar is the obvious currency that people will be looking towards.