EUR/USD Forecast – Euro Continues to Look Lost

Christopher Lewis
Published: Jun 18, 2024, 12:27 GMT+00:00

The euro continues to see a lot of drifting at this point, as the market has been bouncing around a few major levels. This is a market that believe will continue to be noisy, and I think we will struggle to find any real direction.

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Euro vs US Dollar Technical Analysis

The euro has shown itself to have a lot of overhead pressure as we have dropped a bit during the session on Tuesday in the early hours. And now it looks like we might revisit the 1.07 level. That being said, this is a pair that I think continues to see a lot of noise and choppiness throughout the summer, and why not? This is a pair that typically does exactly that. It’s probably one of the least favorite pairs of people looking for bigger moves to trade. If we do break down below the latest swing low, somewhere near the 1.0675 level, then it’s likely that the Euro will drop down to the 1.06 handle.

On the other hand, if we turn around and show signs of life breaking above the 1.0750 level, then we could go looking to the 1.08 level, another large round figure that has been important in the past. With all of that being said, I think you are more or less looking at the area where the market’s comfortable hanging around, and with a serious lack of economic announcements, coming out over the next day or so, at least as far as these two currencies are concerned, it makes a lot of sense that we just kind of hang out in this area. I’m not really looking for big moves at all, but I do look at it as a way to gauge US dollar strength across the forex world. So, for me, the euro against the US dollar is more or less a secondary or maybe even tertiary indicator for a lot of other pairs.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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