EUR/USD Price Forecast – Euro rallied significant during Friday session

The EUR/USD pair rallied a bit during the trading session on Friday, breaking above the 1.1650 level, and even reaching towards 1.17 level. We started to pull back a little bit but found enough buyers underneath to continue to push this market higher. I believe that the market should continue to be driven by several different factors, not the least of which will be geopolitical concerns, and of course trade war fears. That has worked against the US dollar and in favor of the Euro lately, so it’s likely that we will continue to see that dynamic play out. Beyond that, I wonder whether the market overreacted to the ECB statement?

At this point, we have broken above the last vestiges of serious resistance on the hourly chart, so it’s possible that we should continue to see short-term traders buying the dips. I think that the market could go looking towards the 1.18 level above, which is the scene of the major break down. That’s not to say that this is going to be an easy thing to do, but the technical analysis suggests that perhaps this is what we are about to see. Don’t worry though, there will be plenty of volatility due to the trade fears around the world, so it’s likely that the market participants will be quick to take profits and would be skittish when it comes to the noise that the market will undoubtedly feature.

EUR/USD Video 25.06.18

This article was originally posted on FX Empire

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