Yahoo Finance EUR/USD Price Forecast – Euro Falls Again
Euro vs US Dollar Technical Analysis
The Euro has fallen a bit during the trading session on Friday as we continue to see ugly behavior in this pair. The US dollar continues to be one of the strongest currencies in the world, and as long as recession fears continue to mount, there will be a lot of concern when it comes to most other currencies.
The European Union has the added issue of trying to sort out its energy problems, while inflation roars and growth slows. That being said, it’s likely that we will continue to see this more as a “fade the rally” type of situation going forward because quite frankly this is a market that looks half dead. The 1.04 level underneath should continue to be supported. However, if we were to break down below there, it’ll open up a fresh leg of selling, perhaps ending the Euro down to the 1.02 level.
Ultimately, I think that is what happens, but it may take some time to get there. I think this is also a market that is simply trying to figure out what to do with itself because this has historically been such an important area. Nonetheless, the Euro is essentially a bug looking for a windshield, and that windshield may be coming quicker than most people anticipate.
On the upside, the 50 Day EMA sits just above the 1.06 level, and a sloping lower. I believe that is rather dynamic resistance, and probably difficult to get above. With this being the case, there’s no real need to think about buying this pair, it’s simply a matter of when you can pick up US dollars “on the cheap.”
EUR/USD Price Forecast Video 04.07.22
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
More From FXEMPIRE:
Millions hit the road, skies, for U.S. Fourth of July holiday
Palau slams U.N. for blocking Taiwan delegates from attending Ocean Conference
Cuban general Lopez-Calleja dead of heart attack, state media says
Tesla hit by new lawsuit alleging racial abuse against Black workers
U.S. factory activity slows to two-year low as clouds gather over economy
