EUR/USD Weekly Price Forecast – Euro Forms Negative Candlestick

The Euro initially tried to rally during the week but has pulled back a bit after the initial surge higher, forming a soft candlestick again. At this point, the market looks as if it may run back towards the 1.10 level.
Christopher Lewis
EUR/USD weekly chart, November 25, 2019

The Euro initially tried to rally during the trading sessions that make up the previous week, but as you can see have pulled back a bit to form a bit of a shooting star. At this point, the market is showing negativity, which is in a huge surprise, considering that the longer-term trend is most decidedly negative. At this point, I believe that the 1.10 level will more than likely continue to attract attention, but if we can break down below their it’s likely that the market goes down to the 1.09 level.

Euro to Dollar Forecast Video 25.11.19

At this point in time it looks as if we are going to continue to see the same scenario that we have seen for the last two years, a simple grind lower. That doesn’t mean that it’s easy, and it doesn’t mean that you can jump “all in”, what it means is that if you are short of this market, you’re going to have to be very cautious and more importantly patient. Ultimately, this market looks as if it is going to go down to the 1.0750 level which is the scene of a major gap. At this point, it is the target, but it may take quite some time to get there. Overall, this is a market that has a massive amount of resistance at the 1.12 level above, where we had seen for candles in a row form resistance and then finally break down. At this point, it’s likely that it will continue to be very noisy going forward.

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