EUR/USD Price Forecast – Euro Pulls Back Into Support

The Euro has pulled back a bit during the trading session on Friday, as the Non-Farm Payroll number came out. The announcement was roughly as anticipated so it should not be a huge surprise to see that the market has bounced slightly to make it a less than impulsive trading session. At this point in time, if we break down below the 1.18 level, it is likely that we could go to the 1.17 level after that. That is an area that would be even more supportive, and I would look at that as even more value.

EUR/USD Video 10.08.20

The US dollar will continue to suffer at the hands of the Federal Reserve so therefore it makes quite a bit of sense that we continue to go higher. After all, the Federal Reserve in its loose monetary policy is horrible for the value of the US dollar, and we are seeing US dollar weakness across-the-board. That does not necessarily mean that has to all happen in one day but given enough time we will more than likely find plenty of buyers on dips. I believe that we are going to go looking towards 1.20 level, but it is going to take some time to get there. Short-term charts can be used in order to take advantage of value, as there are plenty of dips coming.

Expect a lot of choppiness, and quite frankly this will be a market that continues to be very volatile and noisy but given enough time I would anticipate that the markets will find a reason to go higher no matter what. We are in the midst of a major trend change and that generally is a messy affair the takes quite a while to happen.

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