EUR/USD Weekly Price Forecast – Euro Looks to Bounce

EUR/USD Forecast Video for 12-02-2024

Euro vs US Dollar Weekly Technical Analysis

The Euro on the weekly chart has shown itself to be rather negative most of the week but did turn around right where you want to see it, due to the fact that the 1.0750 level, of course, is an area that’s seen some action recently. And now it looks like turning around suggests that we’re going to try to stay in the range between there and the 1.10 level.

However, if we were to break down below the bottom of the candlestick for the week, then it opens up a move down to the 1.05 level. The 1.05 level is a major bottom, and I think right now we are trying to do everything we can to form some type of range for the year. That’s typical for the euro in general, but at this point in time I think we are trying to see whether or not we are near the bottom. After all, the euro is typically a very sideways currency over the longer term as the EUR/USD pair is highly liquid, therefore there are plenty of buyers and sellers at the same time, and therefore it keeps it somewhat noisy and range bound for swing traders.

1.05, I think, is the very bottom of the yearly range, although it’s still early. And we, of course, will have to pay close attention. But a breakdown below that level would be extraordinarily negative. On the upside, the 1.10 level being broken to the upside would open up a move to the 1.1150 level, and then eventually the 1.1250 level.

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