EUR/USD Price Forecast – Euro Continues to Look For a Floor

Euro vs US Dollar Technical Analysis

The Euro initially pulled back a bit during the trading session on Thursday but turned around to show signs of life. By doing so, the market looks as if it is trying to figure out whether or not we have reached a bottom. There’s almost no chance of that, and I do think that this is a simple recovery at this point in time. At this juncture, the parity level is what I think the buyers will be looking at as a ceiling, so therefore if we get anywhere near that level, and of course get signs of exhaustion, I will be more than willing to sell this.

The 50-Day EMA is approaching that level, and is going to be interesting for short-sellers to say the least, as it has operated as a downtrend line. Ultimately, the 0.95 level underneath is the “floor in the market”, and if we break down below there we will see another flush. That being said, I don’t expect to see that, because we are a little oversold. Nonetheless, the situation in the European Union has not changed in the slightest, so I do think that we have a situation where you are fading rallies.

That has worked for years, and it’s a bit rich to think that it’s suddenly going to change now. In fact, we would have to take out the 200-Day EMA to make a real statement about strength. Furthermore, we would need to see the Federal Reserve shift its attitude, something that we have not seen.

EUR/USD Price Forecast Video for 30.09.22

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