Yahoo Finance EUR/USD Price Forecast – Euro Hanging About Crucial Large Figure
Euro vs US Dollar Technical Analysis
The Euro has pulled back just a bit during the trading session on Wednesday as the market is currently retesting the 1.05 area. This is a market that has been very noisy, but more than anything else negative. Short-term rallies continue to be sold into, as the US dollar is without a doubt the premier currency right now in the world. As interest rates continue to diverge, it makes quite a bit of sense that we would continue to see the US dollar strengthen against the Euro.
On the downside, the market could go looking to the 1.04 level, possibly even the 1.02 level. On the upside, the 1.06 level is the top of the noisy area that we are currently struggling with, and even if we were to break above there, I see plenty of areas where sellers could get involved again. The 50 Day EMA is sitting just below the 1.08 level, and of course, the 1.08 level is an area that previously has been supported, and therefore it makes sense that the area could offer a bit of selling pressure as “market memory” should come into play.
All things being equal, I am simply looking at this as a scenario where you fade rallies, at the first sign of exhaustion. If we were to see the market break above the 1.08 level, then it could be a major change in trend and attitude, but right now I just do not see that happening. With the global risks out there, it makes quite a bit of sense that the US dollar will continue to be looked at as a safe harbor.
EUR/USD Price Forecast Video 19.05.22
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This article was originally posted on FX Empire
