EUR/USD Price Forecast – Euro Slowing Down

The Euro has rallied slightly during the trading session on Wednesday to reach towards the 1.2150 level. That is an area that has caused some issues in the past, so it is not a huge surprise that we have stalled in this general vicinity. That being said, I think that the market probably pulls back just a bit in order to find more momentum to go to the upside. Ultimately, I do think that the market probably continues to see that the overall range that I have been talking about holding, with the 1.23 level above being significant resistance. The 1.19 level underneath is the bottom of support that extends all the way up to the 1.20 level, and I think that is essentially the market that we are stuck with right now.

EUR/USD Video 11.02.21

The 50 day EMA being broken to the upside is a bullish sign, but quite frankly I do not think that it is going to be the be-all and end-all of what happens next. I think we simply go back and forth with the idea of stimulus, the EU not been able to distribute vaccines correctly, and the overall questions about global growth being a major influence in this pair. I think you can use range bound trading systems, but I would not expect anything explosive in this pair. In fact, it seems as if the biggest game in town right now as the British pound, so it makes no sense to put a lot of money into this market at this point. I think if you are looking to trade shorter-term charts though, you have a couple of barriers that you can pay attention to.

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