Put simply, I think that this market continues to go back and forth in a range. I think this market could be very difficult to hang onto for longer-term trades, so I’m looking at treating shorter-term charts and more of a range bound attitude for the next several weeks. I do not anticipate a major break out, at least not in the short term. Overall, the market is very likely to be volatile, but obviously for those of you to trade shorter-term charts, this is good to be an excellent opportunity. The longer-term consolidation features the 1.15 level underneath as the floor, while the 1.1850 level above is resistance. In general, it’s good to be difficult to going to be difficult to hang onto a trade for more than a day or so.
EUR/USD Daily Forecast - 30 July
The Euro has continued the fall that it started on Wednesday, reaching down towards the 1.1625 level. Ultimately, I believe that the 1.16 level also be supportive and I also recognize that there is an even more rigid “floor” near the 1.15 handle. Because of this, even though I think the market could continue to go lower, I am currently looking at an opportunity to start buying. At this point, I believe that the market will probably continue to go back and forth, but with the ECB suggested that loose monetary policy was going to be needed going forward, I do think that rallies will be a bit sluggish.
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