The Euro has pulled back a bit during the trading session on Wednesday, but we continue to consolidate overall. After all, the market is likely to see a lot of interest in this general vicinity as we are just underneath the 1.18 level. This is an area that is essentially “fair value” as far as the larger consolidation area is concerned, as the 1.19 level is resistance and the 1.17 level is support. Granted, we have been overextended for a while, but I can make that argument more than once in this pair. After all, the Federal Reserve continues to loosen monetary policy and therefore it is likely that we are trying to pull back to support before we take off again. Ultimately, even if we break down below the support level, I see a couple of other areas underneath that could come into play and greatly influence where this market goes.
To the upside, if we break above the 1.19 level then I think it is only a matter of time before we go looking towards 1.20 level. That of course is an area that will attract a lot of attention due to the fact that it is a large, round, psychologically significant figure. I think at this point in time it should be noted that the market is struggling with any type of momentum, but eventually we will take off. It is also worth noting that we are in the midst of vacation season and therefore it is very unlikely that we will see a big move in the next few days, unless of course it is related to Jerome Powell. #EUR/USD##FX#
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