EUR/USD Price Forecast – Euro finds sellers on Monday

The Euro initially tried to rally during the trading session on Monday, but as you can see we get back quite a bit of resistance during the day, forming a bit of a less than enthusiastic candle. The 1.12 level should continue to be a significant barrier, as it was previous support. Below here, the market will probably continue to cause a bit of support, extending all the way down to the 1.10 level perhaps.

EUR USD Forecast Video 30.04.19

I would anticipate that we will get a lot of choppy trading in this market, as we continue to see a lot of confusion as to where the Euro should go. Keep in mind that the US dollar continues to find strength in general, so this will be one of the first places people look. Overall though, I suspect we are looking at range bound trading and therefore I don’t have much in the way of trading acumen when it comes to this other than to suggest that as we reach towards the 1.12 level we should see sellers and therefore it should be a short position, but at the same time I think that the 1.10 level underneath should find plenty of buyers due to its psychological importance.

Obviously, the market breaking out of this range would change a lot, but I believe that we are trying to form a new range more than anything else.

Please let us know what you think in the comments below