EUR/USD Weekly Price Forecast – Euro finds support

The Euro had an interesting week, as the ECB had its interest rate announcement and press conference and has since found a bit of stability at a crucial point. Because of this, it’s likely that the market could bounce.
Christopher Lewis
EUR/USD weekly chart, July 29, 2019

The Euro broke down during most of the week, reaching towards the 1.11 level underneath where we found plenty of buyers. This is an area that has been supportive in the past, so therefore I think that we can glean from this candlestick that there should be buyers into picking up “cheap euros” down at this level. That being said, if we were to break down below the 1.11 handle, it’s likely that we would then go looking towards the 1.10 level after that. There is a lot of noise between here and there, so I don’t think it’s going to be the easiest trade to take.

EUR USD Forecast Video 29.07.19

At this point, I suspect that the market is probably going to try to make a move towards the 1.13 handle, perhaps even the 1.1450 level after that. I think at this point the market looks likely to consolidate in continue to consolidate in general, so that of course is a good sign for those looking to take advantage of the range bound system. Granted, we are in the slowest time of year anyway so that kind of lines up nicely with what one would expect. Short-term pullbacks should continue to offer buying opportunities, but longer-term traders are probably going to try to build up some type of base in this market, as we have seen so much stability here. I think that the 61.8% Fibonacci retracement level is also coming into play as well, so that’s another reason to think that we are going to see buyers in this general vicinity as well.

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