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Christopher Lewis
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EUR/USD

The Euro has gone back and forth during the course of the trading session on Tuesday, initially falling but then turning around to show signs of life again. The Euro looks as if it is trying to decide whether or not the 1.21 level was going to be a bit too much, and at this point in time I suspect we probably have some work to do, going sideways overall. All things being equal, I do think that this market could very well end up pulling back towards the 1.20 handle to find support, where the 50 day EMA is starting to reach towards.

EUR/USD Video 28.04.21

On the other hand, if we break above the highs of the Monday session, then it is probably going to be a scenario where the market goes looking towards the 1.22 handle. All things being equal, this is a market that I think continues to see a lot of noise, and it is probably worth noting that the question now is whether or not the signs in Europe continue to get better, or the market start focusing on the fact that the United States is by far the leader when it comes to growth at this point?

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All things been equal, this is a market that I think continues to trade between the 1.21 and the 1.20 levels as the market will continue to see a lot of noise which is quite typical for the Euro. All things being equal, I do think that a pullback is probably necessary, but I also recognize that it will probably be somewhat short in duration most likely.

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