EUR/USD Price Forecast – Euro Struggling to Continue Higher
The Euro has gone back and forth during the course of the trading session on Thursday as we continue to see the Euro trying to recover against the greenback. That being said, it is positive overall during the last couple of weeks, but the Euro has been a major underperform or when it comes to the greenback. With that being the case, the market is likely to continue seeing quite a bit of volatility, but it does look as if we are trying to go higher given enough time.
EUR/USD Video 22.10.21
That move higher will more than likely continue to be something that we need to watch, because there is a lot of resistance above that could cause major issues. That being said, the 50 day EMA is now reaching towards 1.17 level and sloping lower. If we can break that area, then it is possible we go looking towards the 1.1750 level, which I believe is a significant resistance barrier.
If this pair continues to go higher, then I prefer to short the US dollar against other currencies, not necessarily this one. This can be used as a bit of a secondary indicator at this point in time, but as far as trading this market, it is one of my least favorite wants to trade under the best circumstances, and right now it looks as if this is simply a bit of a recovery in what is a longer-term downtrend. I think the problems in the European Union continue to be a major issue, and therefore I do not like the common currency. If I see this market start to shoot higher, it is more likely than not I will be buying other currencies such as the Aussie dollar, British pound, etc.
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