EUR/USD Price Forecast November 7

The Euro has bounced over the last several days from the 1.13 level, showing signs of resiliency again. Overall, I believe that the Euro has been oversold and the fact that the 1.13 level has held is somewhat encouraging. I have a couple of yellow circles highlighting the potential double bottom in this pair, but I think at this point what we are looking at is more than likely going to be a run towards the 1.15 handle. It’s going to be very choppy, because there are a lot of concerns when it comes to the European Union and of course we had previously seen so much in the way of support at the 1.15 level. Because of this, the market will probably struggle at that level. However though, it does look as if the 1.13 level is rather stringent support. I think it’s only a matter of time before we start to see buyers come in on short-term dips.

EUR/USD Forecast Video 07.11.18

The alternate scenario is that we break below the 1.13 level, and then I think that opens the door to the 1.11 handle. This pair has been very choppy as of late, but quite frankly that shouldn’t be much of a surprise as we have higher interest rates in America, but most traders prefer to buy this pair as it is the “anti-dollar play.” If there’s any risk appetite out there, typically this pair will rally as well. The Federal Reserve is going to tighten at least two more times, if not three. That should continue to keep the upside somewhat limited.