The Euro continues to be very volatile, as we initially fell during the trading session on Monday but then turned right back around to recover again. Ultimately, this is the same action that we have seen over the last several days so the question now is whether or not we can break through all of the noise above. I don’t consider this market broken out until we take out the 1.13 handle, so even though the candlestick does start to look bullish, there is a ton of resistance above that we should be paying attention to. Beyond that, the European Union is on the precipice of a lot of negative economic activity, so the question now probably tilts to what the Fed is about to do.
EUR USD Forecast Video 13.08.19
At this point, I believe that this area continues to be “no man’s land” in this currency pair. If we were to break above the 1.13 handle it would be a very stunning and bullish turn of events. However, I think that we have a lot of back and forth over the next few weeks as we are in the holiday season for most large traders, so quite frankly they don’t want to be bothered with trading instead of going to the beach. Ultimately, expect a lot of volatility and back and forth action, but at this point I think that what we are looking at here is a market that is going to be choppy and dangerous template to say the least. Quite frankly, there are much easier currency pair is out there to be bothered with.
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This article was originally posted on FX Empire
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