EUR/USD Price Forecast – Euro Quiet Ahead Of Holidays

The Euro has done very little during the trading session on Monday as traders are focusing on holidays. With Tuesday being Christmas Eve, it’s a lot to expect the markets to have a lot of movement due to the lack of trading in general. Ultimately, I do believe that the market is probably going to continue to see a lot of noise. We are currently trading around the 50 day EMA, and it’s likely that the algorithms will continue to push things back and forth. All things being equal though, this is a market that is essentially at “fair value” as we head into the holiday season.

EUR USD Forecast Video 24.12.19

I say that it’s “fair value”, because the 1.11 level is in the middle of both support and resistance. The 1.12 level is massive resistance, while the 1.10 level underneath is support. Ultimately, this is a market that should continue to be a lot of back and forth, as we have the European Central Bank the sidelines but that could change given the world’s economic conditions. At this point, the market was to break below the 1.10 level, it’s likely that the 1.09 level would be the next target. On the other hand, if we were to break above the 1.12 level, then it’s likely that the market will go looking towards the 1.14 handle. All things being equal though, I suspect that we simply chop back and forth in a very tight range without anywhere to be over the next couple of sessions.

Please let us know what you think in the comments below