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

The Euro rallied significantly during the week, reaching above the 1.13 level above. By doing so, the market has shown a proclivity to stay within the overall range that we have been in.
Christopher Lewis
EUR/USD weekly chart, March 18, 2019

The Euro has rallied significantly during the week, using the 1.12 level as a bit of a floor. By doing so, we have reentered the consolidation area that we have been in for some time, essentially making the market behave as it has for some months now. I also recognize that the 1.12 level is significant support based upon the 61.8% Fibonacci retracement level, and of course the previous resistance there should offer plenty of support.

EUR USD Forecast Video 18.03.19

Ultimately, I think that the market is going to try to reach towards the 1.14 handle, then possibly the 1.15 level next. This is a market that continues to be very noisy and choppy, but I do believe that the upside is going to be favored. We may get the occasional pullback, but that pullback is going to be an opportunity to take advantage of value and have at it overall.

This market should continue to be more of a short-term trading environment, but we have clear boundaries in which we are functioning right now. I like the idea of buying dips in small increments, and then selling closer to the 1.15 level. The Federal Reserve is on the sidelines and therefore won’t be a factor in this market, just as the ECB won’t either as they are both on the sidelines. Because of this, this is a market that simply has no catalyst to make a significant move. With that in mind, we might as well take advantage of the range bound attitude that continues to be such a major factor.

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