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EUR/USD Price Forecast – Euro Goes Back and Forth

By:
Christopher Lewis
Published: Oct 11, 2021, 13:54 UTC

The Euro continues to chop back and forth during the trading session on Monday as we are pressing lower levels yet again.

EUR/USD Price Forecast – Euro Goes Back and Forth

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The Euro has gone back and forth during the course of the trading session on Monday to show signs of hesitation yet again. That being said, the market continues to see a lot of choppy behavior and indecision just below the 1.16 level. The market of course will continue to be very noisy due to the fact that there are a multitude of issues out there throwing the markets around. Quite frankly, interest rates in the United States rising helps the US dollar strengthen, but more under the radar is the fact that Covid numbers in the European Union is starting to climb again.

EUR/USD Video 12.10.21

To the upside, I see the 1.1650 level as significant resistance, and then the 1.1750 level will more than likely show even more resistance. In other words, I think it is only a matter of time before exhaustion comes in that we can start shorting. In fact, it is not until we break above that 1.1750 level that I would consider buying.

On a breakdown below the bottom of the massive move lower last week, then it is likely that we could go looking towards the 1.15 level underneath, and then possibly a move down to the 1.1250 level. All things being equal, this is a market that continues to fade the rallies, and I do believe that it is only a matter of time before we see a bigger breakdown. Because of this, I think you need to be cautious about your position size until it works out in your favor. One thing I think you can count on is a lot of noisy behavior, but anything other than that is more than likely going to be difficult to handle.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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