EUR/USD Weekly Price Forecast – Euro finds support again

The Euro has fallen during the week, but as you can see we did recover a bit during the trading week. The 1.11 level underneath is massive support, and the fact that we have held there of course is a very good sign. We have formed a couple of hammers now, so I do think that we are getting ready to turn around given enough time. Longer-term, we could be looking for some type of recovery in this market, which of course has been grinding lower for quite some time.

EUR USD Forecast Video 03.06.19

The alternate scenario of course would be to break down below the 1.11 handle, then we could go looking towards the 1.10 level. That is a large, round, psychologically significant figure, and therefore it makes quite a bit of sense. If we break down below the 1.10 level, then the bottom will fall out we will go much lower. That being said though, it does look like we are trying to carve out a bit of a bottom in this area so it would make sense that the buyers continue to pick up “cheap euros.” Ultimately, this is a market that continues to be very noisy, but I do think that this turnaround will eventually happen and after that we will go looking towards higher levels. The market will of course be very noisy, but at the end of the day it does look like we are trying to turn things around which of course is always a slower process.

Please let us know what you think in the comments below