EUR/USD Price Forecast – Euro Runs Out of Steam
The Euro initially rallied during the trading session on Thursday but continues to see the 1.16 level as a massive barrier, and quite frankly it makes quite a bit of sense that we need to come back and retest the previous resistance range. The resistance range was between the 1.14 level and the 1.15 handle, so at this point I would not be surprised at all to see this market go back to that area to find the value area.
Ultimately, this is a market that I think still has further to go to the upside but ultimately this is a significant area that I think will offer plenty of interest by people who have missed the breakout, and of course were already short the Euro. People will be scrambling to get involved in the trade, just as they will be scrambling to cover positions as close to breakeven as possible that have gone horribly wrong.
EUR/USD Video 24.07.20
The Federal Reserve is going to continue to loosen monetary policy, so I think it makes sense that the US dollar continues to be sold off. As long as that is the case, this is a market that should continue to go higher, and I think what we will see is more of a “buy on the dips” type of market going forward. The fact that we broke above the 1.15 level was in fact a bit of a shift in the longer-term trend, something that does not happen every day. At this point, I think this is simply a matter of trying to find more value going forward.
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