EUR/USD Price Forecast March 29, 2018, Technical Analysis

The EUR/USD pair has been very choppy during trading on Wednesday, as the 1.24 level seems to be a bit too resistive. However, I think the given enough time we will eventually break out but obviously we have a lot of concerns when it comes to global markets and of course global trade, so if that continues to be the situation, we will eventually find buyers underneath looking for value. I believe that the 1.21 level is the bottom of the overall uptrend, so if we can stay above there, then I don’t have any interest in shorting this market. I believe there is plenty of reason to think that this market will eventually go higher, and that this short-term pullback is simply that, a pullback.

The market continues to be very choppy in general, so I would use a small position at best, and then add as the market moves in your favor. In general, I believe that this market continues to offer plenty of opportunities, but you need to be patient enough to take advantage of those pullbacks. If we were to break above the 1.25 handle, the market will then eventually go looking towards the 1.32 level over the longer term, which is the target that I have based upon the market breaking above the bullish flag on the weekly chart, and even though it’s been very choppy it’s likely that we will continue to aim for that level. If stock markets rally, that should send this pair higher as well as it should have people selling off the US dollar in general. Expect volatility, but in the end, I believe the buyers are still in control.