EUR/USD Price Forecast March 15, 2018, Technical Analysis

The EUR/USD pair fell a bit during the trading session on Wednesday, as the 1.24 level continues to be very resistive. However, when I look at the longer-term charts for me it becomes somewhat obvious. I think that the buyers will continue to jump into this market place, and that we will eventually see an attempt to break above the 1.25 level, an area that of course is important from both a psychological and a structural standpoint. When we can break above there, the market should continue to go much higher, and reach my longer-term target of 1.32, based upon a breakout of a massive bullish flag on the weekly chart.

I think that the bottom of the uptrend remains at the 1.21 handle, but I also see a significant amount of support near the 1.23 level on the short-term charts. Because of this, I don’t have any interest in shorting this pair, although we may very well find this market pulling back to build up the necessary momentum for the real move. In the meantime, be patient, but look at the pair selling off as potential value that you can take advantage of. I still believe that we are going to go to the 1.32 handle, but it might be later this year, which of course would make sense as the market is frequented by high-frequency traders. In other words, the EUR/USD pair is choppy, but not necessarily volatile.

Written by FX Empire