EUR/USD Price Forecast – Euro Testing Support

The Euro has fallen again during the trading session on Thursday, reaching down towards the 1.0750 level during the day on Thursday, showing that there were a lot of buyers down there looking to support this market. If we break down below the 1.0750 level, then it is likely that we will start reaching towards the 1.0650 level. With that, I would just a bit more bearish. That being said, I have no interest in buying this market, even if you told me that you knew it was going to bounce. I will be looking to short this market closer to the 50 day EMA and become even more aggressive closer to the 1.0950 level.

EUR/USD Video 15.05.20

Longer-term, I do believe that the market will continue to see a lot of noise, and I do think that there are plenty of sellers out there to continue to push this market lower. However, the Euro continues to offer stubborn support and a proclivity to stay alive. That being said though, longer-term it is very obvious that the European union has a plethora of problems to deal with, and I do think it is only a matter of time before the Euro gives up the 1.0750 level.

All we do break below the 1.0750 level it is likely that the move to the downside will accelerate. All things being equal, this is a market that is a one-way trade, so it may take some patience to get a bullish enough move to start selling into again, but I do like the 50 day EMA as a marker, showing itself to be resilient and important of the last several days.