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EUR/USD Price Forecast November 8

By:
Christopher Lewis
Updated: Nov 7, 2018, 16:54 UTC

The Euro has been very volatile during the trading session on Wednesday, especially after the midterm elections. Because of this, the market is probably going to continue to chop around, but I think the most important thing to pay attention to on this chart is that the 1.15 level has offered a significant amount of resistance. Ultimately, I think that the market probably stays within the overall consolidation that we have been in, because quite frankly nothing’s really changed.

EUR/USD daily chart, November 08, 2018

The Euro went back and forth during the trading session on Wednesday, showing a lot of volatility. I believe that the 1.15 level above is massive resistance, and I think until something truly changes it’s likely that the Euro struggles a bit to continue to go higher. I also recognize that people may be starting to buy treasuries as the midterm elections probably bring in a lot of tension into the government, and I suspect it’s only a matter of time before talk of impeachment starts. That’s not to say that he gets anywhere, but clearly the United States government won’t be able to function well, and that should probably have people looking for “safe returns.”

EUR/USD Forecast Video 08.11.18

However, there is the possibility that people dump the dollar, and if they do I think that a move above the 1.15 level is very likely and could send this market back into the previous consolidation area. Quite frankly, I expect a lot of choppiness in this market, but I recognize that the 1.13 level underneath will act as a bit of a “floor” in general, and I think will continue to be something that people pay attention to. While we initially had gains in the market during the day, those are fading rather quickly and are showing just how little faith there is.

About the Author

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.

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