EUR/USD Price Forecast – Euro Reaches Towards 1.19

The Euro has rallied a bit during the trading session on Friday as the market has broken above the 200 day EMA in response to a horrible jobs report coming out the United States. That being said, the 1.19 level is offering a bit of resistance so far, so it does make a certain amount of sense that we would see a little bit of a pushback. However, if we can break above the highs of the trading session on Friday, it is very likely that this pair goes looking towards much higher levels. In that scenario, I think it is only a matter of time before we see higher prices.

EUR/USD Video 06.09.21

It is not to say that we cannot pull back, and quite frankly if we turn around a break down below the Thursday candlestick, I think we would see a lot of ugly trading enter the market. That being said, it is more than likely going to be a scenario where buyers come back in and pick up value as they can. Because of this, I think that you have to look at the 1.1850 level as a potential area of buying pressure, and of course a breakout above the 1.19 level on a daily close as another sign that we are going to go looking towards 1,20 level.

We have gone straight up in the air since Jerome Powell suggested that an interest rate hike is not going to happen anytime soon, and although we are a little bit overdone, it certainly looks as if we are going to break out to the upside given enough time. We may run into a little bit of exhaustion and of course Monday is Labor Day in the United States, but at the end of the day this looks like a market that breaking out later on down the road.

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