The EUR/USD pair rallied slightly during the day, but Friday wasn’t exactly explosive. Currently, looks as if the market is trying to form a bit of a base at the 1.17 level, as the last couple of sessions have formed hammers. I think the given enough time; the market will continue to go higher but there’s really no catalyst to move things currently. Because of this, being patient is what will be needed to profit off of the uptrend, and I think that we are simply looking in consolidation to digest previous gains. Eventually, I anticipate that this market will go looking for the 1.19 handle, which is the beginning of a rather significant resistance barrier to the 1.20 level. The US dollar is being sold off in general, and I think that this pair will be a great way to play against it. Having said that, the European Central Bank has been sending somewhat mixed signals lately, as far as what the quantitative easing plans are.

EUR/USD Video 21.8.17

This article was originally posted on FX Empire

More From FXEMPIRE:

• Gold forecast for the week of August 21, 2017, Technical Analysis

• Gold Price Forecast August 21, 2017, Technical Analysis

• Gold Price Prediction for August 21, 2017

• Gold Price Futures (GC) Technical Analysis – August 18, 2017 Forecast

• Commodities Daily Forecast – August 18, 2017

• Price of Gold Fundamental Daily Forecast – Stock Market Weakness Key to Further Upside Action