EUR/USD Price Forecast – Euro Giving Up Gains Already

The Euro initially tried to rally during the trading session on Tuesday, as the market broke above the 1.1350 level, an area that of course attracts a lot of attention. Ultimately, this is a market that I think continues to see a lot of volatility, and the area above as being a bit overextended. Ultimately, I think that this is a market that continues to see a lot of selling pressure above, especially near the 1.15 level if we get there. At this point in time, I think that the market is likely to see a lot of volatility, but the fact that the retail sales came out so strong during the trading session on Tuesday suggests that the United States is going to continue to outperform the rest of the world. After all, it was the best retail sales figures of all time.

EUR/USD Video 17.06.20

At the same time, the market has to deal with the troubles in the European Union, which will continue to be a major problem. With that being said I believe that the market is going to eventually reach towards the 1.1050 level, basically where the 200 day EMA is. Furthermore, the market is likely to continue seeing the range that it has been and as something important, meaning we could go as low as the 1.08 level. To the upside, we have the 1.15 handle which offers a bit of a ceiling at the moment, so I think it all works out in the end for a pro US dollar environment just waiting to happen.

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