EUR/USD Price Forecast December 1, 2017, Technical Analysis

EUR/USD daily chart, December 01, 2017

The EUR/USD pair has been very noisy during the trading session on Thursday, pulling back slightly towards the 1.1825 handle, and then shooting to the upside. It now looks likely that we are going to continue to go higher, perhaps reaching towards the 1.1950 level after that, and then the 1.20 level. Eventually, I believe that the market continues to find buyers, but eventually we should break above the 1.21 level to become a “buy-and-hold” situation. Looking at the market, is very likely that we could follow the bullish flag that I’m seeing on the longer-term charts, perhaps reaching towards the 1.32 level above, meaning that we could be beginning to see a longer-term move to the upside if you can handle the volatility. I don’t have any interest in shorting this market, and I believe that the recent rally has shown that the market is ready to continue to find buyers underneath. It’s not that it’s going to be easy, but I do believe that the buyers will eventually take over.

If the US Congress fails in its duties to pass a decent tax bill, it should add even further pressure to the upside, and I believe that the market should continue to be very bullish based upon not only that, but perhaps some type of watered-down solution. Ultimately, I expect a lot of noise at the 1.20 level, but ultimately this market has broken above a large basing pattern formed on longer-term charts. The EUR has been historically cheap for some time now, and I think that the market participants continue to be a market that we will eventually see Foreman to a “buy-and-hold” pattern as we had seen a few years ago. We have recently done what I think is the beginning of changing the longer term downtrend.

Written by FX Empire