EUR/USD Price Forecast – Euro Continues to Hang Around The Parity Area

Euro vs US Dollar Technical Analysis

The Euro continues to go back and forth around the parity level as we are trying to figure out what the next move is. Ultimately, the Euro will continue to see a lot of downward pressure, as the European Union has a lot of concerns out there when it comes to the energy supply in the EU and of course, various other economic issues that the continent is going to be dealing with. Ultimately, the market will continue to see a lot of back-and-forth, but I think that ultimately the market should continue to drift lower.

At this point, I would not be surprised at all to see the Euro reach the 0.98 level, maybe even the 0.96 level. In general, this is a market that I think will continue to fade all rallies, and it’s also worth noting that the 50-Day EMA is currently sitting at the downtrend line. Because of this, I think it’s likely that we will see a lot of downward pressure given enough time, and therefore I have no interest in trying to buy this market.

The US dollar will remain the most desired currency in the short term, and as we go through the winter, I suspect that we have even more danger in the EU. It would take a move above the 1.03 level for me to start thinking about buying, something that we are nowhere near doing at this point.

Anything you can probably count on at this point is a lot of choppy behavior, as is typical for this pair, to begin with. It appears that parity has caught the market in a short-term trap.

EUR/USD Price Forecast Video for 20.09.22

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