EUR/USD Price Forecast – Euro quiet on Monday

The Euro fell slightly during the trading session on Monday but turned around to bounce just slightly. This is typical of this pair though, because it has been so sloppy. The 1.1450 level continues to be a little bit of a magnet, and I think that it is only a matter of time before any move gets corrected. I think that pullbacks will see certain amount of support at the 50 day EMA. The market has competing forces, and this continues to be a major problem.

EUR USD Forecast Video 05.02.19

At this point, the 1.15 level above is massive resistance, including the 200 day EMA above. Ultimately, I think that there is plenty of reasons to think that this market continues to go back and forth due to the Federal Reserve softening its stance, but at the same time we are getting less than impressive economic figures out of the European Union. Quite frankly, between that noise and the fact that this is a favorite target of high-frequency trading, this is a market that is going to be difficult to get a trend going, and quite frankly this is a market that you should be trading from a short-term standpoint only. However, if we can break above the 200 day EMA then the buyers can start to put money to work. As far as selling is concerned, I think that we have shown more than once that the buyers are willing to step in on dips.

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