EUR/USD Price Forecast – Euro Rallies Into Same Range Again

The Euro has rallied a bit during the trading session on Wednesday, reaching towards the 1.09 level. At this point, the market is likely to see sellers in that general vicinity, and therefore I think it is only a matter of time before we have a reason to start selling again. This pair has been in a range for quite some time, so there is no reason to get overly excited at this point. Simply waiting for a sign of exhaustion is probably the best way to go. Fading rallies has worked for about a week now, and there is little to change that from being the case.

EUR/USD Video 30.04.20

To the downside I believe the market will probably go looking towards the 1.0750 level when it gets enough time to get down there, but keep in mind that this pair does tend to be very choppy in general so it could take much longer than you anticipate. Furthermore, markets are basically trading on emotion right now, so it is difficult to navigate but clearly, we have been in more of a downward direction than up for quite some time.

At this juncture, I still believe in the downtrend and have no interest in buying, but if we broke above the 1.09 level, we could very well try to test the 1.10 level which is a major resistance barrier and I would be even more bearish at that point.