EUR/USD Price Forecast – Euro Has Negative Tuesday

The Euro struggled to find any type of strength during the trading session on Tuesday and it now looks as if the US dollar is reasserting its dominance when it comes to Forex markets, and therefore I think you need to be cautious about trying to fight greenback strength. The Euro continues to suffer at the hands of political discourse and of course major funding issues, and although the Federal Reserve has stepped on the gas pedal, the US dollar remains the only game in town currently.

EUR/USD Video 22.04.20

If we can break down below the 1.08 level, then it’s very possible that we go looking towards the 1.0650 level. To the upside I believe that the 1.09 level is resistance, just as the 1.10 level will be. That level will probably be a bit of a “ceiling”, just as the 50 day EMA is crossing that general vicinity as well. All things being equal I like the idea of fading rallies as they occur, because quite frankly this is a market that looks incredibly weak, and I think that we will continue to see a lot of back and forth, but obviously a massive selling pressure into the marketplace.

Quite frankly, I’m not sure what changes this markets attitude, but one thing that we are starting to see is a return to the sideways yet negative kind of grind lower. Short-term rallies offer your opportunity, as this pair doesn’t tend to make a huge moves very often, the recent volatility notwithstanding.