EUR/USD Price Forecast – Euro Continues Choppy BehaviorThe Euro has gone back and forth during the trading session on Friday, which is typical for this pair, as we have seen over the last several weeks.
The Euro has gone back and forth during the trading session on Friday, as we continue to see a lot of choppy behavior in the Euro, and of course the US dollar is trying to form a bit of a bottom in the US Dollar Index. This suggests that perhaps we are going to see a little bit of volatility going forward, and quite frankly at this point in time we need some type of resolution, but at this point we are trading in a range and we might as will take advantage of that.
EUR/USD Video 21.09.20
Looking at the chart, you can see that the 1.17 level underneath is massive support, as we have seen it offer more than once. Beyond that, the 50 day EMA sits in that general vicinity, so it should continue to offer a bit of a support going forward. That being said, the US dollar is starting to flex its muscles and of course we have to worry about the coronavirus numbers in the European Union picking up, so that of course works against the value of the Euro itself. To the upside, the 1.19 level begins a massive amount of resistance that extends to the 1.20 level, and it is not until we break above there that we can continue to go much higher. I think the next couple of weeks are going to continue to grind back and forth but it is worth noting that recently the highs have been getting lower, so that in and of itself could be a signal.
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