EUR/USD Price Forecast – Euro Showing Signs Of Life AgainThe Euro initially fell during the trading session again on Thursday but is starting to rally a bit as we had filled the gap from a longer-term charts.
The Euro has initially pulled back during the trading session yet again during the day on Thursday but has found buyers to turn things back around and show signs of life. This market has been oversold for quite some time, so quite frankly I’m not willing to buy this balance, although it certainly does look impressive during the day. I believe that the 1.0850 level could be resistance, and most certainly the 1.09 level will be. Furthermore, the 1.10 level offers resistance as well. All things being equal, this is a market that is still going to struggle with the rallies due to the fact that the European Union is going to continue to struggle in general.
EUR/USD Video 21.02.20
The US dollar continues to be king, as it is an area that is growing unlike the rest of the world. The market is oversold though, so at this point I think it’s just a matter of looking to growth numbers going forward. I propose that you should probably short this market after it rallies, and I think that the Euro is going to continue to struggle for quite some time, at least until we start to see more signs of growth out of places like Germany, which looks horrible right now. The European Central Bank is going to continue to buy assets, and that will continue to drive down the idea of owning the currency as well. Quite frankly, the only thing that can turn this pair around is if the Federal Reserve suddenly comes out and starts liquefying the markets further. If it does, then there’s probably some rebalancing ahead.