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EUR/USD Price Forecast – Euro Running Into Resistance

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Christopher Lewis
·2 min read
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The Euro has rallied a bit during the trading session on Wednesday to reach towards the 1.20 level. That is an area that has seen significant resistance as of late and will be a serious challenge for the Euro bulls. If they can overtake that area, then it would be a very healthy and positive sign for the Euro. The question here is whether or not this has been a significant rally, or have we just simply seeing a correction? There is a lot going on in the world right now, and of course that has attracted the attention of Forex traders in both directions. With that being the case, I think what we are seeing here is a potential selling opportunity, but I need to see the market pull back just a bit.

EUR/USD Video 15.04.21

However, if we were to take off above the 1.20 level, then I believe it opens up the possibility of a move to the 1.22 level. We have seen significant selling in that area, but one thing that I cannot help but notice is that when you look at longer-term charts, the Euro, the Aussie, and the New Zealand dollar are all showing hesitation at these elevated levels. The question begs whether or not we are going to see continued US dollar strength later this year?

While we have certainly seen a bit of a “risk on” type of attitude from traders, the question that keeps popping up in my mind is whether or not the United States will be given currency strength due to coronavirus vaccinations and just a simple matter of the US being stronger than other nations? I am currently looking for a selling opportunity but do not quite see it.

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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