EUR/USD Price Forecast – Euro Continues to Go Back and Forth

The Euro went back and forth during the trading session on Friday, to show a lot of noise, and a continuation of what we have seen for some time. However, I do think that the 1.1250 level underneath is going to continue to offer support. If it gives way to sellers, then we could see another couple hundred of points for a move. The 200 day EMA is down there, so that of course will attract a certain amount of attention as well.

With that being the case, it would show a major “risk off” type of move, something that we still have the potential of seeing. Quite frankly, the Friday close is going to be crucial so I would be a bit cautious about trying to trade too much going into the weekend. With this in mind, the EUR/USD pair will be one of the more important ones that I will be looking at over the weekend.

EUR/USD Video 15.06.20

The 1.14 level above is significant resistance as we have seen selling their more than once, which extends all the way to the 1.15 handle. If we were to break above that level, then it is obvious that it will be a major shift in the attitude of the Euro, which could have a little bit more in the way of sustainability. The biggest problem I have with this recent parabolic move is that it falls within the purview of the previous one, so therefore we are simply in the same range that we have been in, albeit in a very violent manner. With this, I will report on Monday what I see but right now it looks like we are more than likely going to continue to consolidate up here.

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