EUR/USD Price Forecast – Euro Drifts Lower

The Euro has drifted a little bit lower during the trading session on Monday, showing signs of weakness yet again. However, the 1.16 level has been supported in the past, so it would make sense that we would see a little bit of hesitation to break below it. However, I do think it happens eventually, and we go looking towards 1.15 level. For myself, I will be looking to fade rallies as they occur, probably based upon short-term charts.

EUR/USD Video 03.11.20

With a little bit of luck, I believe that we will reach all the way down to the 1.15 handle, an area that should be pretty significant. Ultimately, I think a lot of this comes down to the European Union closing its economy and of course the idea that the US election is going to cause a lot of havoc could continue to make this pair even choppier than usual. Nonetheless, it does look extraordinarily weak and therefore I would love to see some type of bounce that I can fade on signs of exhaustion.

At this point, we also have to worry about the jobs number on Friday, and of course the Federal Reserve this week. In other words, there is a slew of noise out there that will keep this somewhat range bound with the more downward bias than anything else. I believe that the ceiling above is probably going to be found near the red 50 day EMA on the chart. Currently, I do not have much interest in buying.

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