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Political issues that cropped up in the final three months of 2018 have lingered at the start of 2019 and are due to continue through the middle part of the year. The upside is limited for the Euro, with the downside seemingly more significant should a disorderly Brexit emerge.

Beyond perpetually troublesome political factors lurking around the corner, the economic environment yields nothing more than a gloomy picture, which could continue to hobble the Euro into the second quarter.

EURUSD Daily Price Chart: Price Continues Grind Lower

Euro Q2 Forecast: Weak Price Outlook amid Political Uncertainty, Heightened Growth Concerns

At first blush, “directionless drift” seems like an apt description of EUR/USD price action for nearly five months. The standard-issue daily chart seems like a choppy mess. And yet, considering the entire picture, a critical feature stands out. Prices are stair-stepping lower, albeit in fits and starts. Pulling back to the weekly time frame, a cautiously bearish bias seems to be reinforced.

See the complete Q2’19 Euro forecast as well as forecasts for the other major currencies, equities, Gold, and Oil.