EUR/USD Weekly Price Forecast – Euro rallies during week

The Euro rallied a bit during the week but remains in a relatively tight range. The 1.15 level above is massive resistance, and if we can break above there it could free the Euro to go much higher. However, we have a lot of issues when it comes to this pair.
EUR/USD weekly chart, December 10, 2018

The Euro rallied a bit during the week after initially falling as the Federal Reserve seems to be a bit more dovish than originally thought. However, the 1.15 level above is going to cause a lot of resistance, and I think that breaking above that level would be a very strong sign. If we can break above that level, then the market probably goes to the 1.18 handle. I think that this pair is probably going to continue to go back and forth in a very tight range between now and the end of the year, as liquidity will start to dry up. I think that there is massive support at the 1.11 handle, so breaking down below there would send this market much lower.

EUR/USD Video 10.12.18

There is a massive amount of noise and support underneath and with the Federal Reserve suddenly becoming a bit more dovish, I think that the pair will probably rally if there’s any type of good news out of the European Union. Lately though, there hasn’t been much so I think we are simply bouncing around trying to figure out where to go next. This is a market that I think will continue to be very back and forth, so I think that you should be focusing more on short-term charts than anything else. However, be aware that breaking above the 1.15 level is a very bullish sign for longer-term trades, so by all means be aware of that level.

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