EUR/USD Forecast – Euro Continues to See Pressures

Euro vs US Dollar Technical Analysis

The Euro has continued to fall a bit during the trading session on Thursday, as we continue to look at the 1.07 level as a potential area of interest and perhaps even support. With that being said, I think this is a market that will eventually have to make a longer term decision, but ultimately, even if we do break below here, the 1.06 level will be of interest as it is an area that I think is the bottom of a larger consolidation area.

But if we turn around and break to the upside then the 1.0750 level could be targeted and then eventually the 1.08 level. Keep in mind that the market is likely to continue to see a lot of choppy noise, but that’s nothing particularly odd for the euro as it tends to be quite noisy to say the least. The ECB has already cut rates the Federal Reserve has not, so that’s part of what we’re seeing play out on the charts.

Ultimately, this is a pair that typically is very sideways and noisy, so I’m not expecting big moves regardless. Keep in mind that this is a market that tends to move almost solely based on the Federal Reserve at times, so you will have to pay close attention to any speakers coming out of that central bank in Washington DC. Because of this, I expect to see plenty of noise going forward and therefore I think you are relegated to trade short term charts more than anything else.

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