EUR/USD Price Forecast – Euro Continues to Grind HigherThe Euro has rallied a bit on Monday to kick off the week. Its earnings season in Wall Street so it will be interesting to see how this plays out.
The Euro has rallied a bit during the trading session on Monday to kick off the week on positive footing. That being said, the market is very likely to continue seeing noisy behavior but as we approach the 50 day EMA earnings season starts to come into focus on Wall Street, so if there is more of a “risk on” type of attitude we may see the Euro get a little bit of a bid, despite the fact that the US look stronger. This is simply based upon the “good news is bad and vice versa” type of attitude that Wall Street tends to exhibit.
EUR/USD Video 13.04.21
Looking at the chart, I believe that the 50 day being broken to the upside on a daily close could kick off a move towards the 1.20 handle, which of course is a large, round, psychologically significant figure, and of course an area where we have seen action at more than once. With that being the case, I think what we are looking at is a scenario where the market is going to try to break above the 1.20 handle, and if it does that could have this market going much higher. However, if we were to turn around a break down below the 1.1830 level, we are then slicing through the 200 day EMA, looking at a potential move down to the 1.16 handle. Obviously, this pair is typically choppy and noisy, and really difficult to trade for any type of bigger move so you will have to keep your charts more than likely focused on the short-term moves.
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