EUR/USD Price Forecast – Euro Pulls back

The Euro pulled back a bit against the US dollar during the trading session on Wednesday, as the ADP employment numbers were a bit lighter than expected. Having said that, the market is still very much in an uptrend, so there is no point in fighting it. One of the biggest reasons we pull back the way we did on Tuesday as the fact that the 1.20 level is such a psychological barrier, and it is worth paying attention to these big figures. Ultimately, I do think that eventually the buyers come back, as the 1.20 level will be tested again.

EUR/USD Video 03.09.20

Over the next couple of sessions, it could be somewhat sideways as we look forward to the Friday jobs figure. This is a market that tends to be very quiet and choppy, and then suddenly impulsive. We have seen that a couple of times here recently, and at this point in time there is no need to think that the market is suddenly going to reverse for a massive breakdown. It is not so much a matter of whether or not the Euro will rise over time, just at this point it comes down to figuring out the timing. If you can pick up little bits and pieces along the way on signs of support, it will relieve a lot of stress, as it keeps you with the trend. At this point, I believe that the 1.17 level is essentially your “floor in the market” at this juncture.

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