EUR/USD Price Forecast – Euro Struggling With Resistance

The Euro initially rallied during the trading session on Thursday, as we have recently bounced from the 200 day EMA. However, it should be noted that there was an ECB press conference that did throw a little bit of noise into the marketplace I would not read too much into the candlestick until we can break above the 1.20 level on a daily close. If it does manage to do so, then I think that would be a very bullish sign for the Euro. However, if we do turn around and break below the 1.19 level, it is likely that we would see the Euro fall through the 200 day EMA.

EUR/USD Video 12.03.21

It is worth noting that a lot of this will be predicated upon the 10 year yields in America, because if they continue to rise that could cause serious issues. It is certainly worth noting that we had seen a significant break down in this pair, so whether or not we get follow-through remains to be seen. That being said, I would not be surprised either way, so I am simply going to let the market tell me what it wants to do and follow. One thing that is worth noting is that there is going to continue to be a lot of noise in the market, this pair will continue to see noisy behavior and therefore I think that you probably need to stick to short-term charts with an eye on the longer-term attitude. That being said, those couple of levels are worth paying attention to on a daily close, because it could set the buyers for the market. Right now, we have a lot of conflicting signals.

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