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.

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
IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US