Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

EUR/USD Forecast: Continues to See Major Resistance

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
  • The Euro initially rallied during the trading session on Monday, but it looks like it's going to continue to see a lot of issues around the 1.12 level, an area that's been important for some time.
  • It might be worth watching whether or not we can break above the 1.1250 level, because if we can get beyond there, then things really start to take off to the upside.

That being said, it also looks very much like a range bound currency pair and that's not a huge surprise because what it does most of the time is it finds a tight range to trade in. At this point, if we were to drop, I suspect that the 1.11 level could be somewhat supported, but the real support is probably closer to the 1.10 level underneath just above the crucial 1.10 zero level, which of course has a lot of psychology attached to it.

Top Forex Brokers

1
Get Started 74% of retail CFD accounts lose money Read Review

With this, I am more inclined to buy the dip in this market, taking advantage of value, but between the two central banks, both easy and monetary policy, I don't see a clear winner here. This could just be a measurement of risk appetite over the longer term we'll have to see.

Risk Appetite Going Forward

EUR/USD Forecast Today 01/10: Sees Major Resistance (graph)

Obviously if people get concerned, they run towards the US dollar so that is something to keep in the back of your mind. On the other hand, if we see more “risk on” behavior then the euro should pick up. We are at an area that's been massive resistance extending bank a couple of years. So, it'll be interesting to see whether or not we can pick up the necessary momentum to finally break out. In the meantime, though, I suspect we just go back and forth. This is typical for this pair, as it ends up being choppy more often than not.

Ready to trade our daily EUR/USD Forex forecast? Here’s a list of some of the top forex brokers in Europe to check out

Christopher Lewis
About Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
 

Most Visited Forex Broker Reviews