EUR/USD Price Forecast – Euro Drifts Slightly Lower

The Euro initially tried to rally again during the trading session on Tuesday but found a little bit of overhead resistance as the market may have gotten a bit ahead of itself. When you look at the chart, it is easy to see just how parabolic it has been so I would anticipate that sooner or later we will get some type of correction. We started to see that during the day on Tuesday but looks like the 1.17 level has offered just a bit of support. Quite frankly, I do not like buying the Euro all the way appear, although I do think that in the end the trend is to the upside, and therefore you would eventually be “rescued” if you did so.

EUR/USD Video 29.07.20

That being said, I would really like to see something along the lines of a 50% retracement of the recent move in order to get involved again. Obviously, things have shifted in favor of the Euro, but that does not necessarily mean that you jump in with both feet. It is like anything else; you need to find a good price. With that being the case, I am a buyer pullbacks, but I need to see a little bit deeper correction than the one that we have had so far to get interested. Somewhere around the 1.16 level would be good, closer to the 1.15 level is even better.

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