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Christopher Lewis

The Euro initially tried to rally during the week but found the 1.15 level to be too much. As we turned around to show signs of exhaustion, we break down below the 200 week EMA and it does certainly look market is trying to reach down towards the 1.10 level underneath. At this point, the market is carving out a wild range and at this point we now need to see what the US government does. Furthermore, we need to see what the Federal Reserve does as it will dictate where this pair goes next. In other words, you will probably have a hard time trading at from a longer-term standpoint until Wednesday when we get the statement from Jerome Powell.

EUR/USD Video 16.03.20

At this point, the market has made a higher high, and if the market can make a higher low, this could be the beginning of a turnaround even though it has been so extraordinarily volatile. That being said, if the market breaks down below the 1.10 level then I think things will continue to struggle. Volatility suddenly has found its way in one of the most boring parents that I cover, so now the next couple of weeks will be crucial. I believe that the 1.10 level will be crucial for future direction and with the weekend coming, it’s difficult to imagine whether or not we can get it together and find a clear signal. That being said though, the next weekly candlestick will be the most important thing to pay attention to. There are clearly much more stable pairs out there to trade suddenly, but if we can hold that 1.10 level, it could be a very good sign.

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