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EUR/USD Price Forecast – Euro Continues to Look Threatened

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·2 min read
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The Euro has gone back and forth during the course of the trading session on Friday, as we have been struggling quite a bit over the last several weeks. Ultimately, the Euro could not lift itself after the ECB meeting for anything that stock, so therefore I think we will eventually break down. Whether or not it happens right away might be a completely different conversation, but at the end of the day I think what we have got here is a market that will eventually fade into the occasional rally that shows signs of exhaustion.

EUR/USD Video 26.07.21

To the upside, the 1.1850 level above should be resistance, and I think that anything that shows the slightest hint of hesitation in that area will probably get sold into. If we break down below the 1.17 level, then it is likely that the market goes looking towards the 1.16 level. Ultimately, this is a market that I think continues to see a lot of volatility, but all things being equal we also have to look at the fact that the 50 day EMA is getting ready to cross below the 200 day EMA, which of course is the so-called “death cross.”

Ultimately, this is a market that I do think breaks down, mainly due to the fact that there are so many issues out there when it comes to the reopening trade and of course the fact that various parts of the European Union are seeing flareups in infections. With this in mind, I am looking for an opportunity to take advantage of “cheap dollars.”

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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