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Euro Continues Its Plunge Lower

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Euro vs US Dollar Technical Analysis

The Euro has fallen again during the trading session on Wednesday as we have reached the 1.06 level. This is an area that will be crucial to pay attention to because it was the most likely of targets once we break down below the 1.08 level. The fact that we are broken through there then suggests that we are going to go much lower, perhaps even down to the 1.05 level in the short term. In fact, as I record this during American trading, we are just 50 pips for making that happen.

At this point, any turnaround should be a nice opportunity to short this market at the first signs of exhaustion. The market will continue to see plenty of selling pressure as long as the interest rates continue to favor the US dollar. The 1.08 level above is what I would consider being the “ceiling in the market” right now, so until we break above there, I would look for signs of exhaustion that I could start shorting again.

Short-term charts might be used more than anything else, but when you look at the chart, you can see that the momentum has definitely picked up again for the US dollar, and when you look at the US Dollar Index, you see the same type of explosive movement. Ultimately, this is a market that I have no interest in buying anytime soon, and I do believe that once we get a bit of a relief rally, traders will jump in to pick up “cheap dollars.”

EUR/USD Price Forecast Video 28.04.22

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This article was originally posted on FX Empire

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