The Euro initially tried to rally during the trading session on Wednesday, but then saw a lot of selling pressure to turn right back around and reach towards the 1.10 level. That is a large, round, psychologically significant figure, and an area that is previous resistance. At this point, the market looks very likely to see a lot of noise, and at this point I suspect that the Euro is likely to continue going lower, but we have a lot of headlines out there that could throw the markets back and forth. At this point, the United States Congress is going through the nonsense trial, and then of course the fact that Jerome Powell is speaking won’t quiet the markets either. In other words, this is a perfect storm for a lot of noise.
Euro to Dollar Forecast Video 14.11.19
All things being equal though, I do like the idea of fading the Euro as it is very equal, and at this point it’s likely that the market will break down below the 1.10 level and go looking towards the 1.09 level underneath. If the market breaks down below there, then we could go as low as 1.0750 as it was a major gap in the marketplace. Ultimately, this is a market that continues to cause a lot of headaches but when you look at the last couple of years, it has been a “sell the rallies” type of situation time and time again. All things being equal, the markets should continue to cause major issues for those who are looking for easy moves, but short-term sellers have enjoyed this market for quite some time.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
More From FXEMPIRE:
- GBP/JPY Price Forecast – British Pound Pulls Back Against Japanese Yen
- Silver Price Forecast – Silver Markets Rally On Wednesday
- US Stock Market Overview – Stocks Close Mixed, Powell Testifies, Google Announces Consumer Checking Accounts
- GBP/USD, EUR/GBP, USD/CAD – Currencies Drifting in Quiet Market
- How to Use Price Cycles and Profit as a Swing Trader – SPX, BONDS, GOLD, NAT GAS
- USD/JPY Price Forecast – US Dollar Trying To Find Support