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EUR/USD Price Forecast – Euro Continues to Find Sellers

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Euro vs US Dollar Technical Analysis

The Euro tried to rally early on Thursday but gave back gains rather quickly and fell through the 1.05 level. By doing so, the market has shown a real proclivity to selling off every time we show signs of a short-term rally. That being said, there is a little bit of a “double bottom” near the 1.04 level, and that’s an area that’s going to be difficult to break through. If we can break through that level, then it’s likely that the Euro drops rather drastically. At that point, I would anticipate that the Euro drops to the 1.02 level, possibly the parody level over the next several months.

Ultimately, this is a market that I think will continue to pay close attention to the Federal Reserve, and its desire to tighten monetary policy through the rest of the summer. The markets continue to be very volatile, and every time we rally, I think there will be sellers above willing to pick up “cheap US dollars.” The 50 Day EMA is near the 1.0650 level and dropping. Because of this, I think there is a certain amount of dynamic resistance coming as well, and therefore it’s probably a market that people will be fading rallies every time there’s a sign of exhaustion.

The 1.08 level above is a significant resistance barrier, and therefore think it to be difficult to break above there. If we did, it could turn the whole thing around, but right now we are more likely than not going to continue to see downward pressure overall. The ECB finds itself in a major predicament, due to a lack of energy, inflation, and supply chain disruptions.

EUR/USD Price Forecast Video 24.06.22

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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