EUR/USD Forecast – Euro Continues to Struggle for Direction
EUR/USD Forecast Video for 30.11.22
Euro vs US Dollar Technical Analysis
The Euro has initially tried to rally during the trading session on Tuesday, as we reached the 1.04 level before pulling back. The 200-Day EMA is right there as well, so keep that in mind. Ultimately, this is a scenario where we are trying to figure out whether or not the longer-term move to the upside can happen, or if it is a situation where we have peaked.
At this point, it’s very likely that we will continue to see the US dollar be attractive, based upon the fact that there are a lot of headwinds out there economically, then it could of course have people running to the US dollar for safety. Ultimately, that is what I would anticipate, especially if inflation in the United States continues to soar, which recently had been slowing down. However, there are economic numbers this week that will most certainly have a lot of people looking into it as a potential continuation of the problem.
The 200-Day EMA typically attracts a lot of attention by itself, but the fact that we have so many different things going on at the same time does suggest that we are going to have a lot of volatility, so I suspect that choppy and sideways trading is probably the norm for most of this week, but we will get an impulsive candlestick soon that tells us which direction we are going to go for the bigger move. To the upside, if we were to take out the 1.05 level, then the Euro can go much higher. On the other hand, if we take out the 1.03 level underneath, we continue the longer term downtrend.
For a look at all of today’s economic events, check out our economic calendar.