EUR/USD Weekly Price Forecast – Euro rolls over into support

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Updated: Jun 14, 2019, 16:53 UTC

The Euro initially shot higher during the week, but then rolled over to test a major support level. At this point, it’s likely that we will continue to see a lot of choppy in this market, but it makes sense if you think about it, as the market has been difficult in general.

The Euro initially shot higher during the week but then rolled over to break through the 1.1250 level. By doing so, it looks as if the market is going to try to find some type a bottom in this area, extending down to the 1.12 handle. Overall, this is a market that I think continues to see a lot of volatility due to the fact that the ECB is loose with its monetary policy, and of course the European Union hasn’t exactly shown strength either. However, on the other side of the Atlantic Ocean, we have the Federal Reserve looking to be very loose with its monetary policy all of a sudden, as we are stepping away from a hawkish behavior. If that’s going to be the case it’s likely that the US dollar will lose a bit of strength, and that should push this market to the upside.

EUR USD Forecast Video 17.06.19

This doesn’t mean that the market is going to be very strong and suddenly easy to deal with, but when you look at the daily charts, you can see that the market formed a “W pattern”, which is a very strong sign. Overall though, I think it’s only a matter of time before the Federal Reserve changing its tune will shoot the market higher, or at least make the US dollar a lot less attractive. If that’s going to be the case, then by an almost automatic extension, the Euro will go higher.

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About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.