EUR/USD Weekly Price Forecast – Euro looking for support at major level

The Euro fell during the trading this week, reaching down to the 1.12 level which of course has been important more than once. The question is whether or not we can hold this area? It does look very likely to happen, but you have to keep your mind open to all possibilities here. If we break down below that level, it will probably be some type of catastrophic event globally with some type of major selloff in the markets overall. On the other hand, if we get stability or at least something less than chaos, the market probably bounces her hair and reaches towards the 1.15 level.

EUR USD Forecast Video 01.04.19

I do not anticipate that this market is going to break out of this 300 PIP range in the short term, even though we have had a couple of really negative weeks. After all, the Federal Reserve is stepping away from the idea of raising interest rates between now and the end of the year, so it’s likely that the greenback won’t be as strong as one would anticipate even though there are a lot of concerns and the European Union right now. We need to see some type of clarity in the global markets to see this market break out. In general, this is a short-term traders market so I would focus on short-term charts more than the weekly ones. However, we must be aware of the 300 PIP range we are stuck in, recognizing that if we can break out that’s a big deal.

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