EUR/USD Price Forecast – Euro Reaching Major Resistance Again

The Euro has initially pulled back a bit during the trading session on Friday, only to shoot straight up in the air as it looks like we are getting closer to some type of certainty out of the US elections. However, what traders need to be cognizant of is that the market has gone straight up in the air and it is likely to run out of room sooner or later. Markets are exhausted to say the least, because there has been a lot to follow in general over the last couple of days.

EUR/USD Video 09.11.20

Keep in mind that just four days ago the market was at 1.16, and as I record this video, we are almost at 1.19. That is a huge move for the Euro in a short amount of time. This pair typically does not move that quickly, although you do get the occasional surge higher like we had previously. At this point, I think there is still a ton of resistance near the 1.19 level, and I do believe that it is only a matter of time before we see sellers step back into this market, at least for the short term. Quite frankly, markets cannot go to the moon in one shot, because we have a lot of other things to worry about beyond the US election.

Remember, the US stimulus package just got smaller if the Republicans control the Senate. Beyond that, we also have to worry about the European Union locking itself down, and the damage that it will do to that economy. It is only a matter of time before gravity starts to step back into the market.

For a look at all of today’s economic events, check out our economic calendar.