EUR USD Price Forecast – Euro Breaks Another Big Figure
The Euro rallied above the 1.17 level early during the trading session on Monday, as we continue to see the US dollar get hammered.The Euro has rallied rather significantly to kick off the week again on Monday, as we are clearly seen a major shift in attitude towards the greenback play itself out. That being said, this market is a little bit of her stretched so I do not necessarily like the idea of buying the Euro here, but you clearly cannot sell it. It is in an uptrend, and perhaps even in a multi-year uptrend from everything that I see on longer-term charts. With that being the case, I like buying dips if and when they occur, because obviously we cannot go straight up in the air forever. The 1.15 level is an area that I like a lot for the idea of picking up value as it occurs.
EUR/USD Video 28.07.20
To the upside, I do believe that we will go looking towards 1.20 level, but again, I would be cautious about buying here. You need to find a bit of a “value”, just like you do with anything else. Simply chasing the trade at this point is probably going to be a very painful lesson just waiting to happen. As far as selling is concerned, I just do not see the argument for it anymore, because quite frankly it would take a monumental shift when it comes to attitude, and therefore I am looking at pullbacks as buying opportunities, and nothing more. If we were to break down below the 1.15 level, then we have to reevaluate some things, but there still should be plenty of support underneath there as well.
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