(MENAFN- Daily Forex)

• The Euro has rallied quite nicely against the US dollar during the trading session here on Monday, as it looks like the 1.16 level is in fact trying to hold.
• The 1.16 level is the beginning of support; I believe all the way down to the 1.15 level.
• And that of course is where the 50 day EMA sits. So, with that being said, I do think that you look at this as a buy on the dip market.
• I don't really have any interest in shorting it quite yet. Although I would consider doing it if we were to break below 1.14.

Noisy Trading at the Moment

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The markets continue to be very noisy, but I also think that we have a situation where the market is just paying close attention to the Federal Reserve and what's going on there, the trade war situation and everything else. I think you've got to look at this as a market that will eventually give us an opportunity, and the value play could send this market all the way to the 1.1850 level. We'll just have to wait and see. Ultimately, if we break down below the 1.15 level, then we could see the Euro really start to fall apart perhaps run down to the 200 day EMA.

Ultimately though, I think you have a situation where we just are grinding higher, probably not much more. I wouldn't look for huge moves, but I do recognize that we are at least more positive than negative, and it is what it is. You can't really argue with it. I do favor the US dollar longer term.

EURUSD Chart by TradingView

But right now, we are still in this consolidation area, which I think will be for consolidation, just working off some froth that we have been putting into the market recently.

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