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EUR/USD Price Forecast – Euro Hanging Onto Support

Christopher Lewis
·2 mins read

The Euro has fallen a bit during the trading session on Tuesday, reaching down towards the 50 day EMA, a technical indicator that a lot of people will follow. It should be noticed that the 50 day EMA is starting to flatten out just a bit, so the question is not so much as to whether or not it can provide some type support, rather than whether or not it is simply showing the reality here of a typically sideways Euro. That being said, it is sitting on top of the 1.17 level which has offered a bit of support.

EUR/USD Video 23.09.20

Looking at the overall chart though, this certainly looks like a bit of a topping pattern to me, and therefore if we see this market break down below the 1.17 level, then I do think that the Euro goes looking towards the 1.15 level given enough time. This is not a market that I have any interest in buying right now, at least not until we clear the obvious massive resistance between the 1.19 level and the 1.20 level.

If we do break above there, then the Euro is free to go much higher but with the way the coronavirus numbers are picking up in the European Union, that might be harder than you would think. Granted, we are still very much in an uptrend, but it certainly looks as if we are starting to get a bit exhausted in this area, and that typically means bad things going forward. If the US dollar continues to strengthen, it is probably going to cause problems in multiple markets, not just this one.

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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