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

The EUR/USD pair has been very noisy during trading on Wednesday, as most currency pairs involving the US dollar have been. I believe that the market will continue to see a lot of noise, but at this point it looks as if the buyers are coming in and picking up value rather heartily. The 1.23 level now offers a bit of a “floor” from what I see, and I think that we will go looking towards the psychologically important 1.25 level above. If we can finally break above there, then the market will go much higher, but I do anticipate that it’s going to take a lot of work to break above the 1.25 handle.

I like the idea of picking up value as it appears, and from the action on Wednesday, it looks like a lot of other people feel the same way. The market itself is very noisy, but obviously is one directional. It’s not until we break down below the 1.21 level underneath that I would be concerned about the uptrend, and after the action on Wednesday, I think that it is going to be extraordinarily difficult for the market to do that. I look at pullbacks as value and will continue to do so until we reach the 1.32 handle above which is my longer-term target based upon weekly charts, and of course the bullish flag that had broken out previously. It doesn’t mean it’s one-way ride, just that I have a longer-term target in mind when I look at this market.

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