Yahoo Finance EUR/USD Price Forecast – Euro Finding Stabilization
The Euro went back and forth during the course of the trading session on Friday as we continue to see a little bit of negativity, but it should be noted that the range was much tighter than we had previously seen. That being said, the market does look like it has massive buyers underneath, but it should also be noted that the recent selloff has been quite brutal. In other words, I think in order to go long in this pair you need to see a couple of days’ worth of stability.
EUR/USD Video 21.06.21
However, if you were looking to go long you could perhaps use a break above the 200 day EMA as a potential buying opportunity but that does tend to be a little riskier than simply waiting for more stabilization. All that being said, if we were to break down below the 1.18 level, that could open up the bottom and send this market down towards the 1.16 level, perhaps even down to the 1.15 level.
I think in the meantime, it is probably best to wait and see what happens next, as the market seems to be coming to grips with the idea that the Federal Reserve might be tightening in about 18 to 24 months. Quite frankly, that is ridiculous that people are that concerned about it, and I think that cooler heads are starting to prevail again. That being said, I think we need to wait for the next day or two to see what happens next. In the short term, I would expect choppy yet ever so slightly negative trading. Another thing to keep in mind is that Friday was “quad witching” in New York.
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This article was originally posted on FX Empire
