The Euro ended up showing the 1.15 level as supportive. I think that the area that has proven itself before, so now that we have a “higher low”, it’s obvious that the market should then have an opportunity to start going higher. Ultimately, the market could go as high as 1.18 level, but I think the initial target will probably be closer to the 1.17 level as it has been somewhat resistive in and of itself. I think that the market looks very likely to continue what we seen before so I’m a buyer of the Euro currently. In fact, I’m not concerned about the euro until we break down below the 1.1450 level, the area that offered support earlier this week.

I think that the markets recognize that the jobs number was pretty much a nonevent, and that should continue to make it possible for the pair to simply go sideways as we have seen for so long. This is one of those scenarios where a particular scenario works until it simply doesn’t. Until proven wrong, I don’t see any reason why this market will climb from here. The market has a significant amount of interest in the area between 1.15 level and the 1.1450 level. Overall, I’m a buyer of dips but I also recognize that we will have the occasional headline that could make things a bit shaky as we continue to negotiate the Brexit.

EUR/USD Video 08.10.18

This article was originally posted on FX Empire

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