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EUR/USD Price Forecast – Euro Struggling at Big Figure

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Christopher Lewis
·2 min read
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The Euro initially tried to rally during the trading session on Thursday but gave back the gains as the 1.20 level looks to be far too resistive to get above. This is an area where we have seen a lot of selling pressure in the past, so it does make quite a bit of sense that we would pull back from here. Whether or not it is the end of the uptrend that we have recently formed is a completely different question, but at this point in time it is likely that we will see downward pressure due to the fact that we may have been a bit overdone.

EUR/USD Video 16.04.21

To the downside, the 50 day EMA could offer a little bit of support, and then possibly the 1.19 handle. All things being equal, the market is likely to see a lot of choppy volatility, as of course the US dollar is all over the place right now. There are a lot of concerns about the coronavirus situation in the European Union, and that of course will have its influence on where to go next.

To the downside, we could be looking at a move towards the 1.1830 level, which is where the 200 day EMA currently sits, and an area where we have seen noise at previously. Because of this, the market is likely to continue to see a lot of noisy behavior, and at this point in time it is likely that we would see the market continue to see the same type of chop that this pair is famous for. Looking at this market, if we were to turn around a break above the 1,20 handle, then it opens up the possibility of a move towards the 1.22 level.

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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