The Euro initially tried to rally during the trading session on Monday, but then ran into a bit of trouble at the 1.11 handle. By pulling back from there, it shows signs of weakness, and it’s very likely that the market will continue to be very choppy in general, as it has been for some time. Looking at this chart, if we turn around a break above the highs from the Monday session, then we probably start looking towards the 200 day EMA yet again.
EUR USD Forecast Video 21.01.20
When you look at the EUR/USD pair, it’s obvious that the market is in a 200 point range between the 1.12 level and the 1.10 level underneath. We are basically in the middle of it, so having said that it’s likely that we are going to continue to grind back and forth overall. This is a horrible pair to trade for anything more than a very short term trade, so it’s very likely that the market is going to grind back and forth, as very likely that the traders will continue to go back and forth. If you are a short-term scalper, this is probably the market for you. If you are looking for a longer-term trade though, we are still very much stuck in the middle of a range, and therefore it’s likely that we will eventually break out, but it’s going to take some type of major shift in attitude. Until we get out of this 200 point range, the market is very likely to be very noisy and difficult to deal with.
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This article was originally posted on FX Empire
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