EUR/USD Price Forecast – Euro Continues To Hover Around Familiar Level

Christopher Lewis
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The Euro has gone back and forth during the course of the trading session on Tuesday as we hang around the 1.16 level. All things been equal, this is a market that looks as if it is trying to form some type of bottoming formation, but it is going to take some effort to get things turning around. Europe suddenly looks like it is starting to strengthen a bit, so that may drive more money into it currency. However, the biggest stories this week are coming out of the United States, including the FOMC today meeting that starts on Tuesday, and of course the jobs number on Friday.

EUR/USD Video 03.11.21

On the other hand, if things were to suddenly go south, we could see the 1.1550 level taken out. If that happens, then it is likely that we could go looking towards the 1.15 level underneath, which is a huge trapdoor to potentially send markets much lower. On the other hand, if we turn around a breakout above the highs of the previous week, that could open up a move for the Euro to go looking towards 1.1750 level, and then the 1.1850 level. The markets are trying to form a basing pattern, and quite frankly this is typically a very noisy event. I think you need to wait until we get out of this range before putting any money to work, as it will almost undoubtedly be very choppy in general. At this point in time, the market is likely to continue seeing noise more than anything else as is typical for this particular pair.

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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