EUR/USD Price Forecast – Euro Continues to Find Sellers

The Euro has found itself to be a bit heavy again during the early hours on Wednesday, as we tried to break above the 1.1350 level but failed again as we did during the previous session. Ultimately, this is a market that continues to see a lot of volatility, but I think most importantly it is starting to see a lot of negativity. The market had been somewhat parabolic after several bank announcements as of late, but at this point we are in at the top of the larger consolidation area so it should not be a huge surprise that the market could perhaps find itself rolling back a bit.

EUR/USD Video 25.06.20

Looking at the chart, I recognize that we had been in a significant uptrend within the confines of a larger consolidation range between 1.15 at the top, and 1.07 at the bottom. Granted, there are several different levels between those two that will cause reactions, but as we had gone straight up in the air towards the 1.14 handle, it makes sense that we may need to relax a bit and try to at the very least pullback if not return to the bottom of the range again.

To the downside I believe that the 1.10 level is likely to be targeted given enough time, as the 200 day EMA is sitting around that general vicinity. I do believe that there should be plenty of buyers in that area, so I think it is only a matter of time before we see some type of bounce. If we break down below there, then there is a whole mess of buying between there and 1.07.

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