EUR/USD Price Forecast – Euro Continues to Slump Against Greenback

The Euro has fallen a bit during the trading session on Thursday to reach down towards the 1.1550 level. Looking at this chart, the market obviously has a lot of support in this general vicinity, so it will be interesting to see what happens next. All things been equal, this is a market that I think has a significant amount of support near the 1.15 level that extends to the 1.1550 level. Because of this, I think we are getting relatively close to a bit of a bottom, lease in the short term.

EUR/USD Video 05.11.21

A lot of this will come down to whether or not the jobs number comes in as expected, or if it is a huge miss. I anticipate that the next 24 hours could be a bit noisy, but at the end of the day we need to pay close attention to the 1.15 level to give us a bit of a “heads up as to whether or not the Euro could save itself, or if we are suddenly going to see a huge run into the greenback.

At this point, I would suggest that it looks likely that the Euro will probably be a bit weaker than some of the others, but as you know, if you can get the US dollar correct, quite often you can get the entire Forex market right, you can get the entire market right. If we can break above the 1.16 level on a daily close, then it is likely that we could build up a little bit of momentum to go higher.

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