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

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.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.