Yahoo Finance EUR/USD Price Forecast January 19, 2018, Technical Analysis
The EUR/USD pair rallied a bit during the trading session on Thursday, but it looks as if it is rolling over, making a “lower highs.” That of course is a scenario in which sellers will continue to jump into this market, and I think that we are getting a slow, gentle grind lower. That’s not to say that I am looking to short the market, but I do realize that short-term traders can probably go short this market. For myself, I am more of a swing trader, so I am looking for some type of flooring in this market to go long. I anticipate that the 1.21 level is a significant amount of support, extending down to the 1.20 level.
I recognize that the noise in this market may concern some people, but ultimately this is a market that has a longer-term uptrend that has been a major influence. I believe that eventually we will find reason to go long, and I think that eventually we will go looking towards the 1.25 level above. The US dollar continues to get beaten down, and I think that will be the longer-term story. However, if we were to break down below the 1.20 level, all bets are off, and I think that this pair falls apart. That’s a very unlikely scenario though, and therefore I’m looking for stability or at least a bounce to a fresh, new high on the hourly chart to get long. Expect noisy trading conditions, and be patient, but eventually the buyers should take over.
EURUSD analysis Video 19.01.18
This article was originally posted on FX Empire
