EUR/USD Price Forecast – Euro falls into support on Thursday

The Euro fell towards the 1.1650 level during trading on Thursday, after initially having a relatively flat session. This may have been in reaction to the ECB meeting minutes, but at the end of the day it’s also likely that it had more to do with a simple pull back. · FX Empire

Christopher Lewis

Updated Thu, Jul 12, 2018, 9:43 PM

The EUR/USD pair has initially gone sideways during the trading session on Thursday, but then pulled back slightly to test the 1.1650 level. This is an area that has been support more than once, and I think at this point that the buyers are going to be interested in this region, assuming that things stay the same. If we do break down from here, I believe that the 1.16 level and then of course the 1.15 level will offer a lot of interest. I think that this market continues to be very choppy and erratic, but it’s possible that we could get headlines that move the markets yet again, as there are a lot of headlines out there that people are paying attention to.

Overall though, I think that there is an opportunity for value hunters to step into this market place if we can get some type of stability. I believe that’s coming, and eventually we could turn around and break above the 1.17 level. A break above that level opens the door to the 1.1850 level, the top of the overall consolidation that we had seen over the last several weeks. A break above that level would then open the door to the 1.20 level, which obviously has a lot of psychological importance, and has shown massive structural importance in the past. I am bullish, but slightly so as there are so many concerns with trade tariffs and the like.