EUR/USD Forecast – Euro Continues to Test the Same Indicator

EUR/USD Forecast Video for 16.02.23

Euro vs US Dollar Technical Analysis

The Euro has fallen rather significantly during the session to crash into the 50-Day EMA yet again on Wednesday. At this point, you have to ask the question as to whether or not we are going to continue to see this type of volatility, or if we are going to see some type of stability. After all, the market is in a place where we have seen quite a bit of noise recently, as we are trying to carve out some type of range. In fact, it is a bit of a microcosm of what’s going on in the markets in general. After all, we just don’t have enough clarity.

Looking at this chart, you can see that the 50-Day EMA most certainly comes into the picture and has offered a little bit of psychological support. If we break down below there, then the 1.06 level would be targeted quickly, which has been in court and more than once. Breaking down below that level then opens up the possibility of a move down to the 200-Day EMA.

On the other hand, if we turn around a break above the 1.08 level, then I suspect that the Euro goes looking to reach the 1.10 level given enough time, but I don’t think that it is worth worrying about quite yet. If we do break out to the upside, it will be obvious, as the US dollar in general will be in serious trouble at that point. Ultimately, this is a market that looks like it wants to fall, but whether or not it can remains to be seen at this point.

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