EUR/USD Price Forecast – Euro rolls over after initial strength on Monday

In what seems to be a reoccurring theme, the Euro is all over the place. We initially rallied during the trading session on Monday but rolled over as the Americans started to wake up. Quite frankly, I don’t think that this is the beginning of something major, but it does show that we are making a “lower high” and of course that the 1.18 level is still very much intact as far as resistance is concerned. Remember, it’s the top of the longer-term consolidation area, and it area that we’ve been watching for quite some time. We have clearly not been able to break above it, and I think at this point it’s likely that we will continue to see that area our offer a lot of supply.

That being said, I don’t expect some type of major break down. Of course, headlines can cross the wire to change anything at any moment the way things are going these days, but I also recognize that we are very likely to see a lot of volatility more than anything else. I anticipate that the 1.17 level will of course offer certain amount of support, but ultimately we could even break down enough to go back to the bottom of the overall consolidation area which is the 1.15 level. I think one of the most obvious places on any forex chart that I follow right now is the 1.18 level, so if we were to break above and I think that would bring in a flood of fresh new buyers.

EUR USD Forecast Video 25.09.18

This article was originally posted on FX Empire

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