EUR/USD Price Forecast – Euro stabilizes
The Euro went back and forth during the trading session on Wednesday, as we have reached down towards the 50 day EMA. This EMA of course is one that a lot of traders will pay attention to, as it not only slowed down the fall from the trading session on Tuesday, but now it has caused a bit of a bounce from this area. Ultimately, this is a market that looks very likely to chop back and forth in this general vicinity as we head into the Independence Day holiday in America, and of course perhaps even more importantly, the jobs report on Friday.
Euro to Dollar Forecast Video 04.07.19
Overall though, I do believe that if we can break above the top of the shooting star from the Tuesday session that would trap a lot of sellers, and it should cause this market to pop higher. The area just above the 1.1350 level of course will feature a lot of resistance, so I think this is simply more of the same that we have seen recently. After all, the pair is very choppy to begin with, so now that we are trying to turn things around it makes quite a bit of sense we would see quite a bit of choppiness.
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If we were to break down below the 50 day EMA then things get interesting as we could probably reach down towards the 1.12 handle. Ultimately, this is a market that is trying to make a “higher low”, and that of course could indicate that we are forming a larger bottoming pattern. Things should be much more clear after the jobs number.
Please let us know what you think in the comments below