Yahoo Finance EUR/USD Price Forecast – Euro kicks off the week strong
The Euro found buyers during the trading session on Monday as we sliced through the 50 day EMA. That’s a very bullish sign, not to mention the fact that we took out the highs from the Wednesday, Thursday, and Friday sessions. Any time you do that in one candle, it typically means that you have further to go. Beyond that, we have seen the market completely wipe out the strong negative candle after the ECB press conference which had been so bearish.
EUR USD Forecast Video 19.03.19
Looking at the market, I see structural resistance near the 1.14 handle, and that’s probably where were going to go looking towards. That’s an area that has recently seen a lot of selling pressure, so it would make sense that we have a bit of a fight on our hands and that general vicinity. Ultimately, this is probably going to be a scenario where we are going to see a lot of noise, but more of a grind higher than anything else. That of course makes for a nauseating traded at times, but the reality is that there are a lot of people out there waiting for the Federal Reserve this week, which could potentially be a bit more dovish than in the past, which of course is a very good thing for the Euro as it will sell off the greenback overall. If we can break above the 1.14 handle, then the next target will be 1.1450. To the downside, expect support near the 1.13 handle.
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This article was originally posted on FX Empire
