EUR/USD Forecast August 30, 2017, Technical Analysis

The Euro continues to show strength against the US dollar, as we have broken cleanly above the 1.20 handle. There is a significant amount of noise just above, but based upon the large consolidation that we have just broken out of, the market should be looking to go to the 1.25 level over the longer term. Because of this, I don’t have any interest in shorting this market and I believe that pullbacks will offer opportunities to go long in a very strong move. The 1.20 level is a psychologically important level, and now that we have broken through it to the upside, I suspect it could offer a bit of support. This impulsive move is the latest in several that show strength for the European Union.

Buying dips

I believe in buying dips, as I think the market should continue to be positive overall and look at the market pulling back as value in the EUR. I believe that the downtrend is over, and that the cyclical bull market should continue. By adding on dips, you can ride out the waves of volatility that will certainly come back to the marketplace, and I think that given enough time we will see a run in the EUR much like we did before the financial crisis. With this, I have no interest in selling, least not until we were to see a complete change in the overall attitude of the market, which I would define as a move below the 1.15 handle. That isn’t going to happen anytime soon, so therefore I don’t have any interest in trying to even look for selling opportunities, which would be short-term at best. Follow the longer-term trend, it leads to profits in all markets, and of course this one won’t be any different.

EUR/USD Forecast Video 30.8.17