EUR/USD Price Forecast – Euro Continues to Struggle at Big Figure

The Euro initially rallied towards the $1.16 level during the trading session on Friday, but gave back the gains again, as the $1.16 level continues to be very difficult to overcome. The main reason is the fact that we have rallied straight up in the air, so at this point it makes quite a bit of sense that we take a bit of a break.

After all, the market cannot go straight up in the air forever and there are a ton of traders underneath that are still waiting to get involved, that may have missed the major breakout. Beyond that, there are also traders that have been trapped in the market by the breakout, so they are more than willing to close out losing trades the closer we get to the previous resistance barrier.

EUR/USD Video 27.07.20

Speaking of the resistance barrier, the $1.14 level is the bottom of support that starts at the $1.15 level, so I am more than willing to start buying on some type of pullback and have been killing time waiting for that to happen. That is sometimes the hardest part of trading, waiting for the proper time to start getting involved again. At this point, you could pick up a little bit of value, perhaps in a bid to drive the Euro towards the $1.20 level, an area that is crucial on longer-term charts and will make for good headlines. Buying on the dips continues to be the way forward.

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