EUR/USD Price Forecast – Euro struggles to break resistance again

The Euro rallied to kick off the week, reaching towards the 1.1450 level before pulling back. By doing so, it shows just how much resistance there is above, and even though the Euro continues to rally, it also shows a lot of exhaustion above here and trouble. Overall, the market has a massive amount of resistance built into the 1.15 level as well, so I think it’s more likely that we are going to continue to struggle to go higher. If we do break above there, that’s a good sign that we could go to the 1.16 level. Any signs of exhaustion will probably roll this market back over to the 1.13 level again. I think that’s what were going to see between now and the end of the year, simple chopping consolidation being the way that we see this market act.

EUR USD Forecast Video 11.12.18

Overall, I think that there are far too many issues with the global markets, the European Union, and of course whatever’s going on with the Federal Reserve to get clarity at this point. That and the lack of liquidity at the end of the year will make this a very choppy and difficult pair to hang onto for larger moves. At this point, rallies that struggle will be nice selling opportunities, but not if we finally break above the 1.15 handle. At that point, then we will have had a change in attitude.

This article was originally posted on FX Empire

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