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EUR/USD Price Forecast – Euro Continues To Grind

By:
Christopher Lewis
Updated: Apr 22, 2020, 17:58 UTC

The Euro rallied slightly during the trading session on Wednesday, but as you can see is not really going anywhere at this point. More than likely, this is a market that will continue to see a lot of negativity going forward but in a slow manner.

EUR/USD Price Forecast – Euro Continues To Grind

The Euro initially tried to rally during the trading session on Wednesday but gave back the gains to show a less than stellar performance. It looks as if the pair is simply stock and does not know what to do, but that has typical of the Euro as it has nowhere to be anytime soon most days. At this point, I think that the 1.08 level underneath should offer a bit of support, but if we do break down below that level it is likely that we go looking towards the 1.0650 level. The market clearly it looks to be trying to find a direction, after what has been an extraordinarily volatile last few weeks.

EUR/USD Video 23.04.20

I do think that we continue the overall negativity that this market has seen for some time, and therefore I do not have any interest in trying to get too cute with this pair, and I simply sell small bits every time it rallies. I am not looking for major moves, because quite frankly that is not something that this pair offers very often. To the downside, I anticipate that the 1.08 level will be a bit sticky as far as support is concerned, and I will more than likely be covering shorts near that region. If we can break down below it then it is likely that we go much lower and it could even pick up a bit of momentum, something that this pair desperately needs at times. I favor the US dollar more than anything else at this point, and that is true here as well.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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