EUR/USD Price Forecast – Euro Pulls Back to Big Figure
The Euro has initially tried to rally during the trading session on Wednesday but then pulled back to reach towards the 1.20 handle. The 1.20 handle of course is an area that will attract a lot of attention as it is a big round figure, but at the end of the day it looks very much like a market that has plenty of support underneath. The 50 day EMA underneath should be somewhat supportive near the 1.1950 level, so as long as we stay above that level, I do believe that we will continue to try to reach higher.
EUR/USD Video 22.04.21
The market of course is going to be driven more or less by the behavior and attitude of the US dollar, so keep an eye on how it is behaving overall, and that should give you an idea as to how this market is going to behave, as the Euro is essentially the “anti-dollar.” All that being the case, with all of the noise that I see underneath and this chart I find it very unlikely that the pair breaks down rather significantly, but it is going to be noisy regardless of what happens next. That being said, I think that you have to wait for some type of supportive daily candlestick in order to start buying. I would say the same thing about going lower, as we need to see a daily close below the 50 day EMA to start shorting. In general, this is a market that looks as if it is fighting to go higher overall.
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This article was originally posted on FX Empire
