EUR/USD Price Forecast – Euro Continues to Look at Higher Levels

The Euro initially fell a bit during the trading session on Friday, but then turned around to form a bit of a hammer, but ultimately this is a market that is trying to break above the crucial 1.19 level. If we can break above there, then the market is likely to go looking towards the 1.20 level. That is an area that will attract a lot of attention due to the fact that it is a large, round, psychologically significant figure and one that has been important more than once in the past. However, I believe that we break above there and go looking towards the 1.25 level over the longer term. We are in the middle of forming yet another bullish flag.

EUR/USD Video 17.08.20

Looking at this chart, we have gotten a bit ahead of ourselves so it is not a huge surprise to suspect that we are going to grind away to the side a bit here and there, so with that being the case we may need to digest some of the gains. The market had gotten a bit ahead of itself, so of course it makes sense that we kill a little bit of time. Nonetheless, even if we were to break down below the 1.17 level, then I believe the 1.15 level would be massive support and should offer a nice buying opportunity for those looking at a value proposition. Because of this, I have no scenario right now that I am looking to start selling this market.

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