EUR/USD and GBP/USD Forecast - 8 April 2019
The Euro went back and forth during the trading session on Friday as you would expect because of the jobs figures in America being released. That being said, the market looks very likely to continue to bounce around in this relatively short 50 pip range. We have the 1.12 level on the bottom offering significant support, while we have the 1.1250 level offering resistance.
From a longer-term perspective the market continues to bounce around between 1.12 and 1.15 so far, so I have no interest in trying to sell this market, at least not right now as we are at the bottom of the larger consolidation, and that will probably be difficult to break through. However, if we were to break down below the 1.1150 level, then we could drop all the way to the 1.10 level. All things being equal though, I anticipate that a move above the 1.1250 level should send this market looking towards the 1.1450 level.
The British pound had a somewhat tough trading day on Friday but started to pick up buyers again later in the session. With that being the case, it makes sense that we stay within the range that we have been in, with the 1.30 level offering massive support, and of course the 1.3350 level above offering massive resistance. This is a market that has been drifting lower as of late, and obviously this has a lot to do with the noise coming out of the Brexit. Ultimately, the headlines continue to make this to be a very difficult situation to be in as far as putting money to work, but if we break down below the 1.30 level I think that the 1.28 level underneath is going to be support as well. Longer-term, I believe the market goes higher but obviously we are in consolidation at the moment, with a potential buying opportunity on a break down.