EUR/USD Forecast – Euro Rallies

EUR/USD Forecast Video for 15.02.23

Euro vs US Dollar Technical Analysis

The Euro has rallied a bit during the trading session on Tuesday to reach near the 1.08 level. This is an area where I expect to see some selling pressure show up, but I don’t necessarily think it’s going to be drastic. Ultimately, this pair has been very choppy, but what I do pay close attention to is the massive amount of downward pressure that we had seen as of late. Because of this, it might be worth being very cautious at this point, and waiting to see whether or not we get an exhaustion candle, or some type of impulsive move lower. If we do, then I think the market is going to target the 50-Day EMA, and then eventually the 1.06 level.

On the other hand, if we do break above the 1.08 level, then I think it’s a straight shot to the 1.09 level which is right in the middle of the overall impulsive move lower. Whether or not we can break above the top of it would be a completely different question, but right now it would be a lie to suggest that it’s going to be easy. Because of this, I think that you’ve got a situation where a lot of traders are going to be very nervous, because this could be the beginning of something rather big. If it does in fact start to kick off, I think you got a situation where you could see a lot of noise in very short order. That should offer an opportunity for traders, but right now we are in the precipice of something happening, now it’s just a matter of figuring out what that’s going to be.

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