EUR/USD Price Forecast – Euro Bounces From Floor Yet Again

The Euro fell hard during the course of the trading session on Wednesday to reach down towards the 1.15 level underneath. That is an area that would be very important at this point in time, and it certainly looks as if there are plenty of buyers available in that region. If that is going to continue to be the case, I think that we continue to see more of a “buy on the dip” type of bias in this market. Keep in mind that the US dollar is at the top of the US Dollar Index, as 94.50 continues offer a lot of selling pressure. Until we can break above that level, it is very unlikely that this pair breaks down below the 1.15 handle underneath.

EUR/USD Video 11.11.21

To the upside, the 1.16 level should be somewhat resistant, and if we can break above there, then it is likely that we could go much higher than that, perhaps testing the 1.17 level and maybe even further than that. At this point, I would not be overly surprised to see this market go looking towards 1.18 level, because quite frankly that would still jive well with the overall trend, which at this point is still down. The markets are paying close attention to the inflationary pressures in the United States and beyond, so I think we will continue to see a lot of noise overall. That being said, this is a market that looks as if it is in the midst of trying to form a little bit of a “double bottom.” If that double bottom does in fact get confirmed, this could be a nice swing trade.

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