EUR/USD Price Forecast – Euro Attempting to Bounce
The Euro bounced a bit during the trading session on Wednesday, as we look to be trying to recover some of the losses from the Tuesday session. The Tuesday session was extraordinarily negative, so it does make a certain amount of sense that we would see a little bit of a bounce, but I think we would also see a lot of selling pressure above. The 1.1850 level above is a significant resistance barrier, as it had previously been a significant support level for the market.
EUR/USD Video 15.07.21
The US dollar has strengthened quite drastically over the last couple of weeks, and that of course will show itself in the EUR/USD pair. Ultimately, it is very likely that this market turns around on a short-term sign of exhaustion, and I will be there to start selling it. If we were to break above the 1.1850 level, then I might be convinced that the market could turn around a bit, but we need to wipe out that area and close above there on at least a daily candlestick.
It will be interesting to see how this plays out, but as you know I have been paying close attention to the “H pattern” that we are breaking down from, but keep in mind that this pair is very choppy under the best circumstances, so it should not be a huge surprise that we are simply grinding away to the downside more than anything else. At this point in time, I think this continues to be a “fade the rally” type of situation in this pair.
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