EUR/USD Forecast – Euro Gives Up the Initial Push Higher

EUR/USD Forecast Video for 24.11.23

Euro vs US Dollar Technical Analysis

The euro rallied significantly during the course of the trading session on Thursday but gave back gains rather quickly as we continue to see a lot of noise above the 1.09 level. The 1.0850 level underneath offer support, while the 1.10 level above offers resistance. Ultimately, this is an area that I think we continue to go back and forth and over the next couple of trading sessions, and it’s probably worth noting that Thursday was Thanksgiving in the United States, so obviously liquidity would have been a bit of an issue later in the day anyway.

Regardless, we had shot straight up in the air rather rapidly, and now will have to work on some of the excess froth. In this sense, the analysis hasn’t changed much, meaning that we are essentially hanging around and trying to sort out whether or not we can continue to go higher, or if we are going to turn around and break down below the 1.0850 level underneath, which open up the possibility of a move down to the 200-Day EMA. That obviously would be a significant selloff, but quite frankly another thing to pay attention to is the fact that we had pressed against the 61.8% Fibonacci level a couple of days ago, and therefore those who are still bullish on the US dollar may be looking to short this market.

Ultimately, I do think that we have a lot of noisy behavior, and I would be a bit surprised if Friday ended up being the day that we broke out of this range, mainly due to the fact that unless there’s some type of external factor, North America will of course be thin as far as volume is concerned again, due to the fact that most traders will not only take off Thanksgiving, but take off the following day as well. In general, the market continues to be more choppiness than anything else, so at that point in time I think you’ve got to look at this more or less through a short-term prism but recognizing that the high and the low of the consolidation range being broken could give you an idea as to where we are going to go for a bigger move.

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