EUR/USD Price Forecast – Euro Breaks Down

The Euro has fallen significantly during the course of the trading session on Wednesday to clear the 1.16 level again. Now that we have broken down a bit, it looks very likely that the Euro is going to go racing towards 1.15 level, and as I currently record this video, we are sitting right around the 1.1550 level. At this point in time, the market looks as if it is going to pile on to the downside, and at this point in time it is very likely that we will see a real test down at the 1.15 level, which if we break down below it is likely that the Euro will collapse.

EUR/USD Video 07.10.21

To the upside, I anticipate that the 1.16 level will be very difficult to deal with, but if we can clear the Monday high, then it is likely that we could go looking towards the 1.17 level, maybe even the 1.1750 level. At that point, the 50 day EMA more than likely comes into the picture, which of course could offer resistance in and of itself. We are in a downtrend, and quite frankly I have no interest in trying to go long of this market. Keep in mind that Europe cannot even provide its own power at the moment, so it is likely that the Euro will continue to struggle going forward. At this point in time, the market is likely to see a lot of struggles, and therefore I will be fading signs of exhaustion as they occur in this market. At this point, I see no reason whatsoever to get involved with the Euro to the upside.

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