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EUR/USD Price Forecast – Euro Continues to Tread Water

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The Euro has done very little during the trading session on Wednesday as we continue to hang around the 50 day EMA. The 50 day EMA of course is a significant technical indicator that a lot of people will pay close attention to, and it is probably worth noting that the market is seeing a 50 EMA flattening out. The 1.21 handle is an area that a lot of people are going to be paying close attention to, as we await the FOMC meeting results. Ultimately though, I think that the 1.20 handle underneath is probably the “floor the market.” If we were to break down below there that could shock the overall uptrend.

EUR/USD Video 17.06.21

To the upside, if the Euro breaks above the 1.22 handle, then it is likely that we will make a move to the upside and trying to get towards the 1.25 handle. The Euro of course is very choppy at best, so keep that in mind and understand that the market is one of these things that you have to be very cautious with, at least not overreaching in the sense that you are looking for a longer-term move.

This is a choppy back-and-forth market under the best circumstances, and I suspect by the time we get the announcement, traders will already be focusing on the ECB, and of course the idea of whether or not the European Union is going to follow suit. I would anticipate that we still are going to bounce around between 1.20 on the bottom and 1.2250 on the top over the next several weeks. Think of those areas like the edges of the Bollinger Band.

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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