EUR/USD Price Forecast – Euro Get Hammered on Friday

The Euro initially tried to rally during the trading session on Friday but gave back the gains in order to show signs of exhaustion. Ultimately, I see there are opportunities to pick up value, but you also may have to wait until midday Monday, meaning that the market is going to see a potential of lower prices, with the specific look at the 1.17 level. That is an area that has been significant support in the past, and I fully anticipate that it would be going forward given enough time. This assumes that we even get down to that area, something that I do not see happening immediately.

EUR/USD Video 24.08.20

Previously, we had been bouncing around between the 1.17 level and the 1.19 level. As long as we are in this range, I think we are simply “killing time” in order to build up the necessary momentum to continue the uptrend. For what it is worth, I expect a lot of volatility over the next couple of weeks as we try to figure out the next move, and of course we are in the midst of vacation season. With the weaker than anticipated German PMI figures during the trading session on Friday, that of course did not help the situation and therefore it looks like we are ready to continue struggling to find our footing in the short term.

However, the Federal Reserve will continue to flood the markets with US dollars, so that could of course continue to drive this market higher, if for no other reason than to get away from the greenback.

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