Yahoo Finance EUR/USD Price Forecast – Euro falls towards support on Wednesday
The Euro fell initially during trading on Wednesday, reaching down towards the support level. Overall, I think that there is plenty of buying pressure underneath, as we continue to see this market trying to stay within the previous consolidation area. The 1.15 level underneath should be an area where buyers return, just as the 1.18 level above is massive resistance. The market should continue to go back and forth in this overall range, and I believe that the support extends down to the 1.1450 level. If we were to break down below that level, the market could go much lower.
In general, I think that this was a breakout that has now pulled back to find some type of support, and therefore I think it is only a matter time before we go to the 1.16 level again. If we can break above there, the market could go to the 1.17 level after that. This market is highly technical, and therefore it’s likely that the we continue to move between these handles until we get some type of clarity with the Brexit, and of course the Italian debt situation has a lot of people skittish when it comes to trading the Euro. Ultimately, I think that the market will remain somewhat buoyant, but obviously I would be looking at charts on a shorter time frames as opposed to looking for longer moves.
Euro to Dollar Forecast Video 18.10.18
This article was originally posted on FX Empire
