EUR/USD Price Forecast – Euro Plunges Below 1.16

The Euro has been very choppy during the trading session on Thursday as we continue to see the US dollar for the markets around overall. With this being the case, the greenback is the most important thing to pay attention to at the moment, because not only are we making big moves in the currency markets, but that also has a certain amount of influence on other markets as well. If we can break down below the lows of the trading session on Thursday, it is very likely that the Euro will go looking towards the 1.15 level underneath.

EUR/USD Video 01.10.21

To the upside, if we were to break above the top of the candlestick for the Thursday session, then a recovery towards the 1.1650 level is very likely, perhaps even towards the 1.1675 handle. At this point in time, I would anticipate any signs of exhaustion be sold and quite rapidly. After all, the market is obviously leaning in one direction at this point, and now your job is to simply take a look at it through the lens of trying to pick up value in the greenback. Every time the US dollar get slightly “cheap”, it is very likely that we will continue to see this market plunge based upon renewed demand.

As yields rise in the United States, that makes the greenback much more attractive than the Euro, which is what will be driving this pair more than anything else right now. I do anticipate a lot of noise, but at the end of the day the market has spoken.

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