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26Aug

EUR/USD Weekly Forecast (August 26 – 30, 2019)

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Day Finance Ltd EURUSD Forecast


EURUSD closed back above the 1.1110 handle last week.

I discussed this level last Sunday as one that would likely serve as resistance.

You can see how Monday and Thursday both stalled right at 1.1110 before selling off into the close.

But despite those selloffs, I was never interested in selling EURUSD.

The single currency has been incredibly indecisive this year. It has also produced the most false breaks of any currency pair as far as I can tell.

Furthermore, I don’t sell markets that hover just below a resistance level as it indicates a stalemate between buyers and sellers.

That was certainly the case here.

We also saw a higher low develop last week that indicates increased demand above the 1.1030 area.

However, I still think the pair needs to clear the trend line I pointed out on the 13th if it intends to push higher this week.

All in all, the EURUSD remains a challenging and somewhat unfavorable pair to trade, in my opinion.

If you are going to trade it, though, it may be a good idea to wait for a break above the trend line in the chart below.

That would likely attract buyers and expose the 1.1280 area I wrote about earlier this month.

On the other hand, a close back below 1.1110 would keep sellers in control.

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