EUR/USD Weekly Price Forecast – Euro rallies slightly

The Euro has gone back and forth during the week, showing signs of exhaustion towards the latter part of it. At this point, I think we’re basically in the middle of the larger consolidation area that has been containing this market for some time. To the upside, I see the 1.15 level as being a major barrier. To the downside, I believe that the 1.12 level is a major support. Ultimately, this is a market that is a fight between two very soft central banks, and more importantly: The Federal Reserve that is changing its tone.

EUR USD Forecast Video 04.03.19

At this point, I think that the market will continue to be very noisy, because quite frankly we have a lot of problems in the European Union, but at the same time we have the Federal Reserve that is looking quite a bit softer than it once did. With that being the case, I do think that eventually we will turn things around because the Euro is oversold. It’s not that the European Union is doing well, it’s just that it’s not in the middle of some type of zombie apocalypse. Ultimately, I think that this is a “basing pattern” that we are trying to get through. If we can get through there, it’s very likely that the market will reach towards the 1.18 level. The one thing that you are definitely going to need at this point is probably patience more than anything else.

Please let us know what you think in the comments below