EUR/USD Weekly Price Forecast – Euro Continues To Chop Back And Forth

The Euro initially fell during the week but then turned around to rally as the market simply went nowhere. It looks as if we are trying to find a bit of support at the 1.10 level which would make sense as it is a large, round, psychologically significant figure.
Christopher Lewis
EUR/USD weekly chart, November 18, 2019
Money

The Euro initially drifted below the 1.10 level but has found enough support to turn around and show some bullish pressure during the week. At this point in time though, it is a market that still has a long way to go before they can change things. Ultimately, this is a market that is in a downtrend in channel and nothing has changed during the last week or so. In fact, when you look at the last several weeks it shows that we had for attempts to break above the 1.12 level, but then broke down significantly during the previous week. The fact that we had a slight bounce during this week doesn’t mean much, when you consider the fact that the 1.10 level was the main culprit. After all, markets like these large, round, psychologically significant figures.

EURUSD analysis Video 18.11.19

When you look at the chart, it looks very likely that we will try to go lower, perhaps reaching towards the gap at the 1.0750 level, but it will take it’s time getting there. Quite frankly, this pair does not move very quickly, so with that being the case it makes sense that the longer-term trader will have to simply hang on to the trade longer term. This means that the position size will probably be a bit smaller than usual, but when a pair trends the way the EUR/USD pair does, patience will be the most important factor in determining whether or not you are profitable.

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