EUR/USD Price Forecast – Euro sideways on Tuesday

The Euro initially tried to rally during the trading session on Tuesday but gave back quite a bit of the gains to show signs of lackadaisical weakness. We are sitting just above the 50 day EMA though, so at this point it’s very likely that we are going to see a lot of back-and-forth heading into the July 4 holiday, and of course the jobs number which will be crucial as well. Ultimately, this is a week that could be worth forgetting until we get the jobs number on Friday, which quite often will settle nothing in the end anyway.

EUR/USD Forecast Video 03.07.19

Above, I see the 1.1350 level as significant resistance, as it had been support for several days. If we were to break above that level then will probably go looking towards the highs again, perhaps even reaching towards the 1.1450 level after that. To the downside, if we were to clear the 50 day EMA we could open up the door to the 1.12 area, but I think it will be most important to pay attention to whether or not we have formed a “higher low” after doing so. I like the idea of stepping to the sidelines and waiting to see what happens next, because quite frankly this is one of the worst trading weeks of the year, and this is a pair that looks like it could go in either direction given some type of catalyst. This looks like a bottoming pattern longer term, and these are always messy and slow-moving affairs.

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