The Euro went back and forth during the trading session on Thursday, as we continue to see a lot of questions about both central banks. Quite frankly, they both are going to be very loose with their monetary policy, and that means that the currency pair won’t have anywhere to be. The 1.12 level underneath is massive support, just as the 1.13 level above is massive resistance. Beyond that, the 50 day EMA sits right around the 1.13 level, an area that has offered significant resistance previously. The market continues to go back and forth in general, and I think at this point it’s very likely that the market is probably one that you should be trading from a short-term timeframe at best. There’s about a 100 PIP range that we are working with, so therefore you can’t hang onto a trade for a significant amount of time.
EURUSD analysis Video 19.07.19
Looking at this chart, if we did manage to break above the 1.13 level on a daily close, it shows significant strength, but we have a massive amount of resistance at the 1.1350 level as well. Underneath, the 1.12 level has been massive support so if we can break down below the 1.1180 level, the market then probably goes down to the 1.11 level underneath which is also massive support. In other words, there’s so much in the way of noise in this market that it’s almost untradeable for anything more than a short-term scalper. Expect more of the same going forward.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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