EUR/USD Weekly Price Forecast – Euro continues to drift lower
The Euro initially tried to rally during the week but found enough resistance above the 1.1250 level to turn things around and send the market lower. At this point in time, I believe that the market is going to continue to go much lower, perhaps even the 1.11 level underneath which has been supportive in the past. If we break down through there, it’s likely that the market goes down to the 1.10 level, which is going to be much more important for longer-term traders.
EUR USD Forecast Video 20.05.19
If we do break out to the upside, we would need to get at least a daily close above the 1.1250 level to start buying. At that point, the market probably goes looking towards 1.14 handle above, possibly even the 1.15 level. This is a market that continues to be very noisy but it does continue to be rather negative. I believe that we will eventually go down to the 1.10 level, an area that is significant on longer-term charts. If the 1.10 level gets broken to the downside, this will probably have a lot to do with some type of financial meltdown. In general, I believe that this market is going to drift a bit lower but given enough time I think that eventually we will turn things back around and try to change the overall trend. Having said that, we’ve got some time to go before the buyers take over again from everything that I am seeing.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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