EUR/USD Price Forecast – Euro Continues To Dance Around Major Figure
The Euro has initially fallen during the trading session on Wednesday, reaching down towards the 50 day EMA but it looks very likely that we continue to see a lot of volatility and chop going back and forth. We have the FOMC late in the day but at the conclusion of that meeting there probably won’t be much said. Quite frankly, the markets are in a good place in the Federal Reserve only cares about the markets.
Euro to Dollar Forecast Video 12.12.19
That being said, the market should continue to be very noisy, as the pair tends to chop around anyway. Ultimately, the market seems to have a lot of resistance above at the 200 day EMA and of course the 1.12 level. This is a market that will continue to be very noisy but ultimately, it’s very likely going to be a short every time it tries to rally. It would be a major coup for the Euro to break above the 1.12 handle, it could be the beginning of a longer-term uptrend. That being said, the ECB is still likely to be very loose with monetary policy and therefore there is still going to be a certain amount of heaviness for the Euro. Underneath, the 1.10 level underneath is going to offer significant support, and if we can break down below that level will send this market down to the 1.09 handle. Ultimately, more back-and-forth is what you can probably expect in this pair as it is typically very noisy to say the least. Day trading continues to be the only way to trade this market with more of a downward proclivity longer term.
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