The Euro has rallied again to start the Tuesday session, but at this point it looks as if the market is ready to roll over again, as the 1.11 level will more than likely cause bits and pieces of resistance as it has previously been supported. Ultimately, the market is likely to see a lot of back and forth trading, as this pair tends to be very choppy. Ultimately, the market should continue to see a lot of volatility, as market participants are all over the place as far as what to do with the US dollar. Beyond that, the European Central Bank is likely to continue to see a lot of loose monetary policy in the future, and that should weigh upon the currency in general.
EUR/USD Forecast Video 20.11.19
Furthermore, there are a lot of concerns out there as to what’s going on with the global economy, and with the Federal Reserve on hold it makes sense that the US dollar will continue to attract a certain amount of money flow anyway. That being the case, I’m not interested in buying this pair until we break above the 200 day EMA, which is currently at the top of the “M pattern.” Overall, the market continues to be very noisy, as is the case most of the time but we are in a larger downtrend. At this point, the 1.10 level underneath offer support, and if that area gets broken through, then it’s likely that the market could go down to the 1.09 handle which has previously been important.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
More From FXEMPIRE:
- Gold Price Prediction – Prices Consolidate Despite Robust US Housing Data
- Gold Price Forecast – Gold Markets Relatively Stable
- E-mini S&P 500 Index (ES) Futures Technical Analysis – Close Under 3121.75 Forms Closing Price Reversal Top
- Silver Price Forecast – Silver Markets Continue Forming Support
- E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Close Under 28008 Forms Closing Price Reversal Top
- Natural Gas Price Prediction – Prices Drop on Rising Supplies