EUR/USD Price Forecast – Euro rolls over on Friday

The Euro broke down during the trading session in North America, but as you can see we have plenty of support just underneath. I think at this point it’s likely that the 1.15 level underneath is of course going to be psychologically important, and we have seen a massive pickup underneath there as well. I’m looking at this as an opportunity to perhaps pick up a bit of value, but overall I think that the market will eventually find value hunters coming back into the market.

There are a lot of concerns about Italian debt, but ultimately I think that will settle itself. Overall, I think that the market will eventually turn around and reach towards the 1.16 level, but I would wait for some type of supportive candle stick. The 1.1450 level underneath represents the “floor” in the market. Overall, I think that the market is going to offer an opportunity for traders who are patient enough, and I would let the market bounce first before getting involved, I certainly wouldn’t want to try to anticipate the move, and of course going into the weekend we may see the market simply give up in the short term. Overall, the market is probably a bit cautious about holding a lot of risk into the weekend. However, I think that by the time we get to the beginning of the week, it’s likely that we will see traders willing to pick it up unless of course something drastic happens over the weekend.

EUR/USD Video 15.10.18

This article was originally posted on FX Empire

More From FXEMPIRE:

• Crude Oil Weekly Price Forecast – crude oil has a rough week

• GBP/USD Weekly Price Forecast – British pound shows resiliency

• S&P 500 Weekly Price Forecast – S&P 500 tumbles

• Gold Weekly Price Forecast – Gold markets show strength for the week

• GBP/JPY Price Forecast – market continues range bound motion

• Gold Price Forecast – Gold markets sideways after explosive move higher