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EUR/USD Price Forecast – Euro Continues to Jump Around

By:
Christopher Lewis
Published: Jun 23, 2020, 14:41 GMT+00:00

The Euro has found itself rather volatile during the trading session on Tuesday, reaching towards the 1.1350 level but has run into a bit of trouble up there.

EUR/USD

The Euro has rallied significantly during the trading session on Tuesday but is starting to find trouble in the same area that it has multiple times. Because of this, I believe that the market is likely to see a lot of trouble in the 1.1400 area, as it is the beginning of massive resistance extending all the way to the crucial and psychologically important 1.15 handle. Quite frankly, I do not see this market breaking above the 1.15 level anytime soon, despite the fact that it has tried so hard. Ultimately, I think that this is a market that will find plenty of reasons to continue being choppy, but I think the biggest thing to pay attention to more than anything else is going to be the fact that the market is very range bound.

EUR/USD Video 24.06.20

We are at the top of the longer-term range, so do not be surprised at all to see a return to lower levels, although I am not necessarily thinking that we are going to see the Euro suddenly implode. With this, I think the as we reached closer to the 1.14 handle, there should be selling opportunities based upon exhaustion, and I will be more than willing to take advantage of those potential opportunities. This is not to say that I think it is going to be straight down, but the fact that we have been so parabolic lately tells me that it is only a matter of time before we run out of some type of momentum.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.

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