EUR/USD Price Forecast – Euro rallies into resistance

The Euro rallied significantly during the trading session on Monday, reaching towards the 1.12 level, which is the beginning of a 50 pip resistance barrier. Beyond that, there is the 50 day EMA just above that of course keeps the market down as well, so at this point it’s very likely that we will see exhaustion come back into the marketplace that we can take advantage of. The candle stick was somewhat impressive, but at the end of the day we still haven’t broken out of the trading range that we have been in for some time.

EUR USD Forecast Video 04.06.19

To the downside, I see a significant support level at the 1.11 level, which has proven itself to be important a couple of times. If we can break down below that level, then the 1.10 level underneath would be targeted. At this point, it’s very likely that we will roll over for a short-term trading opportunity. However, if we were to break above the 1.1250 level, the market could go towards the 1.14 handle, possibly even the 1.1450 level. This is a pair that of course is starting to try to figure out where wants to go longer-term, and I do believe that the 1.11 level is major support and the beginning of an attempt to form some type a bottom. However, this is probably going to take all summer so I wouldn’t get too excited about going long quite yet. At this point, simple sideways back and forth trading is probably what we are going to look at.

Please let us know what you think in the comments below