The Euro went back and forth against the US dollar during trading on Wednesday, as we continue to hover around the 1.13 level overall. The 1.15 level above is massive resistance, just as the 1.11 level underneath is massive support. At this point, I believe that the market is still going to be dominated by high-frequency traders, putting things back and forth. I also believe that the market is essentially stuck in this range between now and the end of the year so I think you are simply looking to trade short-term charts, perhaps as low as 15 minutes to play back and forth. I would not look for major gains at this point because there are so many concerns and the European Union right now, and of course suddenly the Federal Reserve looks a little bit more flexible and its interest rate approach.
Euro to Dollar Forecast Video 06.12.18
If we did break above the 1.15 handle, then we could go to the 1.16 level, possibly even the 1.18 handle. Otherwise, I think that we break down to the 1.11 handle. If we break down below that level, then all bets are off as we will more than likely go down to the 1.10 level, and then possibly even the 1.08 level. I don’t think it’s likely to happen, as the 1.11 level has been so much in the way of support. Simply put, between now and New Year’s Day I expect to hang around this basic area.
This article was originally posted on FX Empire
More From FXEMPIRE:
- USD/JPY Price Forecast – US dollar bounces on Wednesday
- Gold Price Prediction – Prices Consolidate in Light Volume
- Technical Update For USD/CHF, EUR/CHF, CHF/JPY & CAD/CHF: 05.12.2018
- EUR/USD Price Forecast – the Euro continues to grind
- Natural Gas Price Forecast – natural gas markets show signs of exhaustion
- Silver Price Forecast – Silver markets hover on Wednesday