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EUR/USD Weekly Price Forecast – Euro Trying to Break From Support

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The Euro has rallied a bit during the course of the trading week to break above the highs of the last couple of weeks, which of course is a very bullish sign. At this point, the market is likely to try to continue to rally, but we need some type of incident to get the Euro moving against the greenback. Quite frankly, it probably will not have anything to do with Europe itself, but more likely than not have a lot to do with the greenback. Quite frankly, the US dollar continues to fall, and that seems to be seen across-the-board. If that is going to be the case, then this pair will naturally rise over a certain amount of time.

EUR/USD Video 25.10.21

If we turn around a break down below the 1.15 handle, then the market is likely to break down rather significantly. At that point, the market break down rather significantly, reaching down towards the 1.1250 level. That would be a serious breach of support, so obviously it would increase the overall momentum. That being said, it is going to take some type of significant event or shift in attitude to make this happen.

The last couple of candlesticks have been rather supportive, and therefore breaking above them does of course set some type of signal to rally, but I do not expect that to be the case anytime soon. The market will continue to be very noisy, as it typically is but I think we are testing a major support level and so far it seems to be holding.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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