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EUR/USD Weekly Price Forecast – Euro Continues to Grind Sideways

Christopher Lewis
·2 mins read

The Euro went back and forth during the course of the week, showing signs of indecision. At this point in time, the 1.19 level continues to be massive resistance, which extends all the way to the 1.20 level. Underneath, the 1.17 level continues to find buyers, as the market is essentially trying to digest the massive gains that we had seen previously. At this point, it is likely that we will eventually get an impulsive candlestick, but at that point it is likely that the market will make a decision that you can follow for a bigger move. However, right now it does not look very likely to make a move, so short-term traders are probably going to continue to trade back and forth between these levels.

EUR/USD Video 21.09.20

One thing that is worth paying attention to those the fact that the US dollar looks likely to find some buying, based upon the US Dollar Index. At this point, if we were to break above the 1.20 level, then it is likely that we go much higher, perhaps reaching towards the 1.25 handle. On the other hand, if we break down below the 1.17 level, then we go looking towards the 1.15 level.

Longer-term traders are going to struggle in order to find a bit of clarity, but it is interesting that the US dollar has stopped falling. On the daily chart, the US dollar is starting to form higher lows in the US Dollar Index, and that could send the inverse correlation into Top Gear as this market falls.

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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