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Christopher Lewis
EUR/USD daily chart, August 08, 2019

The Euro initially fell during the trading session on Wednesday, but then turned around to grind back into the candle stick on Tuesday. The candle stick on Tuesday shows a lot of indecision, and of course we also have the 50 day EMA slicing right through it. Ultimately, this is a market that has a lot of noise between here and the 1.13 handle, and therefore it’s likely that we find plenty of noise in that region. Any type of exhaustion after a rally would be a selling opportunity. Ultimately, if we break down below the candle stick from the last couple of days though, that could change a lot.

Euro to Dollar Forecast Video 08.08.19

A break down below the bottom of the candle stick on both Wednesday and Tuesday would signal that we are going to go lower. At that point I would anticipate a move towards the 1.11 the EUR level, an area that has been important more than once we have bounced significantly from there but I don’t necessarily see any reason why this pair should take off to the upside. If it does though, it will have to contend with the 200 day EMA just above the 1.13 level as well, so I do think eventually we roll over. That doesn’t mean it’s going to be easy, and clearly there are lot of issues pushing this market back and forth. I favor the downside, but it’s not likely to be in huge moves, as the pair will be choppy with both central banks looking loose, and of course it being the dead of summer.

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