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EUR/USD Price Forecast November 8

Christopher Lewis

The Euro went back and forth during the trading session on Wednesday, showing a lot of volatility. I believe that the 1.15 level above is massive resistance, and I think until something truly changes it’s likely that the Euro struggles a bit to continue to go higher. I also recognize that people may be starting to buy treasuries as the midterm elections probably bring in a lot of tension into the government, and I suspect it’s only a matter of time before talk of impeachment starts. That’s not to say that he gets anywhere, but clearly the United States government won’t be able to function well, and that should probably have people looking for “safe returns.”

EUR/USD Forecast Video 08.11.18

However, there is the possibility that people dump the dollar, and if they do I think that a move above the 1.15 level is very likely and could send this market back into the previous consolidation area. Quite frankly, I expect a lot of choppiness in this market, but I recognize that the 1.13 level underneath will act as a bit of a “floor” in general, and I think will continue to be something that people pay attention to. While we initially had gains in the market during the day, those are fading rather quickly and are showing just how little faith there is.

This article was originally posted on FX Empire