EUR/USD Price Forecast – Euro Slams Into Resistance Yet Again

The Euro rallied significantly during the trading session on Friday, slamming into the 1.19 level yet again. This is an area that has offered significant resistance in the past, so it is a bit expected that we would stall in this area. However, the one thing that this chart does tell me is that every time this market pulls back, you should be thinking about buying. The resiliency of the grind higher is something rather impressive, and therefore I do not want to fight that type of attitude.

EUR/USD Video 31.08.20

It is rather telling that we stopped right at the 1.19 level early in the day, this shows just how trepidation creeps into the market as traders do not really know what to think. It is also the middle of vacation season, so a lot of the big boys are even out there. We currently are trading between the 1.17 level on the bottom, and the 1.19 level on the top. Although we are grinding higher, and this could provide clues as to where we are going longer-term, we are still essentially in this region.

This pair is simply going with this pair does, grinding sideways between big moves. It does tilt to the upside so I am a buyer and not a seller, and therefore will continue to look it dips as potential buying opportunities. The 1.20 level above should be massive resistance, so keep that in mind as well as it has been an area of interest multiple times through the years. Expect choppy volatility, but favor the upside as it will eventually go higher.

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