EUR/USD Price Forecast – Euro Shows Hesitation
The Euro has gone back and forth during the trading session on Tuesday, as we settle around the 1.18 level. This is an area that has been important more than one so it should not be a huge surprise that we have seen a bit of a hesitation. At this point in time, the market is likely to see a lot of back and forth arguing, and therefore do not be surprised at all to see choppy behavior. However, the market is likely to continue to look at the overall consolidation area between the 1.12 level and the 1.15 level as its battlefield. If that is the case, we are much closer to the top than the bottom.
EUR/USD Video 11.11.20
I have been shorting the Euro on smaller time frames in order to take advantage of the fact that we simply cannot get above the 1.19 handle with any type of comfort, but at this point it comes down to whether or not we are going to see the markets shifting attention towards the ECB, or are we still focusing on the United States? At this point in time, the European Central Bank is almost certainly going to do something at the next meeting, and we may be starting to see that priced into the Euro itself. With all this being said, short-term trading probably favors short-term selling opportunities more than anything else. As far as a bigger move is concerned, I think we are nowhere near that currently due to the fact that there is so much noise out there.
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