The Euro initially tried to rally during the trading session on Friday but gave back gains almost immediately as we are getting ready to head into the weekend and of course most traders won’t want to have a bunch risk on going into the weekend as we continue to have a lot of negative headlines around the world that will have people a bit cautious overall. Quite frankly, anybody who has went long from the lows has seen this market struggle to keep gains, so I think that we are getting ready to roll over again.
EURUSD analysis Video 19.11.18
Beyond that, stock markets in the United States will roll over again from what it seems, and that of course should put more negative pressure on risk assets, including the Euro. In general, breaking through the 1.13 level was rather significant, so if we can break down below the lows from earlier in the week, I think we probably go looking towards 1.11 level which is massive support on longer-term charts.
The alternate story of course is that we break above the top of the candle stick for the day on Friday, which of course would be a very bullish sign. That could send this market looking towards the crucial 1.15 level above which has been resistance more than once and will probably keep this market down overall. If we did break above there, then you could start to think about the attitude of the market changing. All things being equal though, I don’t see that happening.
This article was originally posted on FX Empire
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