Yahoo Finance EUR/USD Price Forecast – Euro Showing Signs of Grinding Yet Again
The Euro initially tried to dip during the trading session on Wednesday but found plenty of buyers underneath to rally towards the 1.13 level yet again. Ultimately though, I do think that this is a market that is range bound, and I think it stays that way going forward. With that in mind, I believe it is only a matter of time before we see some type of selling come back into play, especially if we approach the 1.1350 region. That is an area that has seen significant selling as of late, and then after that you have the 1.14 level which begins massive resistance all the way to the 1.15 handle above. In other words, even though the Euro has been rather resilient, the reality is that it has a lot of work to do before I can take off to the upside for a bigger move.
EUR/USD Video 09.07.20
Looking for signs of exhaustion above will be the way I continue to play this market, because I will not hesitate to sell those moves. Ultimately, I think that this is a market that tries to take advantage of the same range over and over, so if you are a short-term trader this will probably be an excellent place to put your money. After all, this pair does tend to be choppy regardless, so I am looking to fade this rally as it should offer yet another move to the upside. If we were to break above the 1.15 level above though, then I think we are looking at a trend change.
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This article was originally posted on FX Empire
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