EUR/USD Price Forecast – Euro Reaching Towards Highs Again

The Euro rallied significantly during the trading session on Thursday, as traders start to look at the likelihood of a conclusion to the US elections. However, we are sitting at a major resistance barrier that could cause some issues for the Euro. Beyond that, you need to keep in mind that the European Union is not exactly a place where we are going to see a lot of confidence shown. The move is probably more about the US dollar at this point then it is anything else. This is not an area that you should be looking to buy Euros, but an area that could perhaps lead to further resistance. After all, there are plenty of issues still out there beyond the US election.

EUR/USD Video 06.11.20

Stimulus will not be as big as once thought. People were hoping for a “blue wave” in the United States elections which is something that we have avoided. That means that stimulus will be kept under control and should eventually provide some type of lift for the greenback. At the very least, it should quell some of the massive selling that we have seen. The Federal Reserve has also suggested recently that they are starting to run out of bullets as it were. Nonetheless, we have an FOMC meeting in the next few hours it could give us a bit of a “heads up” as to where Jerome Powell is thinking. Ultimately, this is a market that is reaching the top of the range it has been in.

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