EUR/USD Price Forecast – Euro Continues Choppy Behavior
The Euro has gone back and forth during the trading session on Friday, as we continue to see a lot of choppy behavior in the Euro, and of course the US dollar is trying to form a bit of a bottom in the US Dollar Index. This suggests that perhaps we are going to see a little bit of volatility going forward, and quite frankly at this point in time we need some type of resolution, but at this point we are trading in a range and we might as will take advantage of that.
EUR/USD Video 21.09.20
Looking at the chart, you can see that the 1.17 level underneath is massive support, as we have seen it offer more than once. Beyond that, the 50 day EMA sits in that general vicinity, so it should continue to offer a bit of a support going forward. That being said, the US dollar is starting to flex its muscles and of course we have to worry about the coronavirus numbers in the European Union picking up, so that of course works against the value of the Euro itself. To the upside, the 1.19 level begins a massive amount of resistance that extends to the 1.20 level, and it is not until we break above there that we can continue to go much higher. I think the next couple of weeks are going to continue to grind back and forth but it is worth noting that recently the highs have been getting lower, so that in and of itself could be a signal.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
More From FXEMPIRE:
Silver Weekly Price Forecast – Silver Markets Form Neutral Candlestick
U.S. Dollar Index (DX) Futures Technical Analysis – Failure at 92.680 Could Trigger Steep Break
Natural Gas Price Prediction – Prices Whipsaw and Finish Unchanged
Crude Oil Weekly Price Forecast – Crude Oil Markets Recover for the Week
