EUR/USD Weekly Price Forecast – Euro rallies for the week

The Euro rallied a bit during the week, reaching towards the top of the shooting star from a couple of weeks previous. The 1.1750 level has been resistance several times, so that we pull back from there isn’t much of a surprise. I think that the market will continue to consolidate between the 1.15 level underneath, and then possibly the 1.1750 level above, which begins significant resistance to the 1.18 level.

The 1.15 level is significantly supportive and I think will continue to keep the market afloat unless there’s some type of market crisis or meltdown in the emerging markets, which will drive the US dollar higher in general. However, if we get some type of break out to the upside, and some type of resolution to various emerging market problems, that should send the Euro much higher. If we were to break above the 1.18 level, the market probably goes to the 1.20 level after that.

I think at this point, we stay within this consolidation area, and therefore longer-term traders will probably have to be very patient. I do think that the hammer from a month ago was a significant turning point, so I certainly favor the upside for the longer-term, but we don’t have the catalyst quite yet to make that happen. Longer-term investors will probably have to be very patient in order to benefit from this potential move.

EUR USD Forecast Video 17.09.18