EUR/USD Weekly Price Forecast – Euro Falls For The Week

The Euro broke down a bit during the trading week, pulling back from the highs of the previous week. At this point, it looks as if we are going to continue the downtrend that we have seen, and therefore we could very well go back down towards the lows at the 1.10 level. The 50-week EMA above is sloping lower and it looks as if it is going to cause a significant amount of the selling pressure. The biggest problem with trading this market right now from a longer-term standpoint is that the market is a choppy situation to say the least, and more of a grind lower. If you have the ability to hang onto a longer-term position, then this pair can work out, but a lot of patients will be needed.

EUR USD Forecast Video 28.10.19

Rallies at this point will continue to struggle, and short-term traders will continue to take advantage of exhaustion candles, and of course weekly candlesticks will continue to look negative. All things being equal, I don’t have any interest in buying this market, at least not until we would break above the 200 week EMA painted in black on the chart, which would show a significant trend line break and of course a massive shift in momentum when it comes to the overall market. We are in the downtrend, and there’s no way to paint this picture any differently.

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