Yahoo Finance EUR/USD Price Forecast – Euro bounces to kick off week
The Euro initially drifted a little bit lower at the very open on Monday but took off almost immediately as we continue to see significant support just above the 1.12 handle. This is an area that is the bottom of the overall trading between the 1.12 level and the 1.15 level, an area that I think is going to hold for quite some time. However, it should be noted that recently the selloffs have been a little bit more aggressive, so that could come into play as well. That being said, I’m not overly bullish or concerned about the Euro until we break down below the 1.1150 level.
EUR USD Forecast Video 23.04.19
To the upside, I see a lot of resistance barriers that could come and cause the occasional issue. With that being said, I am cognizant of the 1.1325 level as being resistance, but if we can break above there then we will likely go looking towards 1.1450 handle and then if we can get past that even, we could be talking about the 1.15 level again. I believe that the Euro will continue to be very choppy and sideways, but anybody was traded the Euro for more than about 10 minutes knows that’s how it trades 95% of the time anyway. With all that being said, I am bullish but just for the short term. I will reevaluate the entire situation as we approached the 1.1325 area, which caused the most recent round of selling.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
