Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis

The Euro has rallied a bit during the week but has also given back quite a bit of the gains to form a less than impressive candlestick. As we continue to grind sideways it suggests that the market is going to continue to show signs of exhaustion after rallies, and we are most certainly in a very negative trend. Beyond that, the United States has released an extraordinarily strong employment figure, and that has certainly weighed upon the Euro on Friday. At this point, it looks like we are going to continue to chop lower in noisy trading, and longer-term sellers continue to be in the driver seat. With that being the case, I believe it’s only a matter of time before we break down through the 1.10 level and go looking towards the 1.09 level.

EUR/USD Video 09.12.19

If we were to break down below the 1.09 level, then it opens up the possibility of filling the gap down at the 1.0750 level. That’s an area that has not been filled yet, so it would make quite a bit of technical sense to get down there. I don’t have any interest in trying to buy this pair, and I think that recently on the weekly chart we had seen a bit of a “brick wall” at the 1.12 level. At this point it’s obvious that the Euro continues to be sold every time it rallies, and that’s even more clear on the daily charts as well. Granted, it’s not exactly clean action but with the ECB ready to loosen monetary policy and the Federal Reserve on the sidelines, it makes sense that this pair continues lower.

Know where EUR/USD is headed? Take advantage now with 

75% of retail CFD investors lose money

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.