EUR/USD Forecast – Euro Gives Up Early Gains During Thursday Trading
EUR/USD Forecast Video for 25.11.22
Euro vs US Dollar Technical Analysis
The Euro rallied a bit to kick off the trading session on Thursday, showing signs of hesitation near the 1.05 level again. This is an area that has been difficult for traders to deal with, and it looks like we are getting more pushback. Because of this, I think we are starting to run out of momentum and may have to consolidate for a bit, which of course makes sense considering that Thursday was Thanksgiving in the United States, and of course Friday will be very thin in volume as well.
We are hanging around the 200-Day EMA, so that can come into play as well, as that indicator tends to attract a lot of attention. With that being the case, I am going to be watching this very closely, because I think we could get a bit of a signal here. If we can break above the 1.05 level, then I think the Euro has much further to go. On the other hand, if we break down below the 200-Day EMA, it’s very likely that we pull back to the 1.03 level underneath, which of course has offered a significant amount of support as of late.
Anything below there continues the overall downtrend, perhaps sending the Euro down to 1.01. In that environment, we could very well see a complete breakdown, but obviously a lot has to be determined between now and then. Furthermore, you need to keep in mind that the liquidity probably has a bit to do with what’s happened, as North America is basically not working at all.
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