EUR/USD Price Forecast March 19, 2018, Technical Analysis

As I record this video, the EUR/USD pair has been breaking down significantly, as the United States released stronger than anticipated numbers, including Industrial Production figures month over month. Because of this, it looks as if people are betting on interest rates going higher in the United States, and therefore think that it makes sense that we continue to drift a little bit lower. However, I do think that there are plenty of support of levels underneath that could keep this market alive.

There is a strong uptrend line underneath that coincides nicely with the 1.21 handle. The 1.21 handle was the scene of a major breakout, and I think it will attract a lot of attention. The bullish flag on the weekly chart being broken to the upside shows signs of the market reaching towards the 1.32 handle, and even though we have seen a significant pullback during the day, I still maintain that we very well could find the market going there. It might take a couple of days of stabilization, as it certainly looks like we have broken through a couple of minor support levels. At this point, I suspect that it is probably best to simply wait for some type of bounce or stable candle to start buying. I’m going to stand on the sidelines, currently waiting to buy the EUR/USD pair at lower levels.