EUR/USD Price Forecast – Euro Drifts LowerThe Euro initially tried to rally during the trading session on Wednesday, but then broke down below the 200 day EMA again. We are currently trading between the 50 day EMA and the 200 day EMA and stuck in a bit of a range.
The Euro initially tried to rally during the trading session on Wednesday but then rolled over to break back through the 200 day EMA. By doing so, the market has entered between the 200 day EMA and the 50 day EMA, it’s likely that we will get a lot of back-and-forth. That being said though, we are forming a “higher low”, at least so far and as long as that holds to be true it’s likely that this pair will continue to try to grind towards the 1.12 level again. If we can break above the 1.1250 level, then the market is likely to make a more significant move towards the 1.14 handle.
Euro to Dollar Forecast Video 09.01.20
To the downside, if the market breaks through the 50 day EMA, it’s very likely that the market will drop down towards the 1.10 level after that. I think at this point it’s likely that we will continue to see a lot of back and forth and choppy momentum, but it does look as if we are trying to change the trend, at least in an intermediate form. That being said, keep your position somewhat small, and of course be cautious between now and the jobs number on Friday as that will most certainly have a major effect on the US dollar. All things being equal though, it does look like momentum is starting to build towards the upside, although I think the upside is probably somewhat limited over the next several months as the tenacity of the buyers continue to make their presence known.
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