EUR/USD Price Forecast – Euro finding support

The Euro pulled back a bit during the trading session on Wednesday, but then turned around of form a hammer at the 1.13 level. By doing so, the market shows that there is a lot of resiliency underneath that major figure, and at this point I think we’re probably going to look for some type of short-term bounce. However, I believe that bounce should be a nice selling opportunity on the first signs of exhaustion, and I believe that a lot of traders will look at it in the same vein.

EUR/USD Forecast Video 15.11.18

Part of the scenario that has been pushing the Euro lower is the Italian debt situation, and of course the interest rates rising in America. Ultimately, I think it’s only a matter time before we can start shorting, and I think that the 1.15 level above is massive resistance. If we do manage to break above the 1.15 level, that would be a very bullish sign but overall it’s likely that we won’t be able to do so, and I think at this point there are far too many headwinds out there to continue going higher. With that in mind, I believe that it’s only a matter of time before we should get an opportunity to take advantage of the overall downtrend. If we did break above the 1.15 handle, it’s likely that we will try to make a move towards the 1.18 handle, but probably on good news more than anything else.