Yahoo Finance EUR/USD Price Forecast – Euro Reaching Towards Major Support
The Euro initially tried to rally during the trading session on Friday but then gave back all of the gains to form a negative candlestick. The market looks as if it is going to go looking towards 1.10 level underneath, which is the bottom of the overall consolidation area. At this point, the market is very likely to find the 1.10 level underneath very supportive, and it’s likely that we break from that level towards the 50 day EMA. However, if we were to break down below there, it’s likely that the market goes down to the 1.09 level. Breaking down below there, the market is likely to even reach down to the 1.0750 level which is a major gapped.
EUR/USD Forecast Video 27.01.20
To the upside, if we do break above the 50 day EMA, then it’s likely that the market goes looking towards the 1.12 level above. That would be a simple continuation of the overall market consolidation, so all of this makes sense. Ultimately, I believe that this pair probably find buyers underneath, and turned back around but it should be noted that the ECB reiterated its very loose monetary accommodative stance during the week, so that of course will continue to weigh upon the Euro, but so far the breakdown has been rather orderly, so there isn’t much to be concerned about at this point as far as some type of meltdown. That being said, pay attention to the 1.10 region and whether or not the market can hold or bounce from here.
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This article was originally posted on FX Empire
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