EUR/USD Price Forecast – Euro Tests Top of RangeThe Euro went back and forth during the trading session on Thursday, breaking above the 1.10 level as we got the continuing claims number out of the U.S.
The Euro went back and forth during the trading session on Thursday as we continue to see a lot of noise near the 1.10 level and in general. At this point, the market is looking highly likely to continue seeing pressure to the downside, especially as I watched the attempted break out and solve just how quickly things changed. That being said, the question now is whether or not we continue the overall range or if we make another attempt to break out?
EUR/USD Video 22.05.20
Everything being said, the 200 day EMA is above the 1.10 level, but getting close to it. This should add yet another layer of resistance in this general vicinity, that people will be paying attention to. Ultimately, the market should continue to see a lot of noise which is typical for this pair, but if we break down below the bottom of the candlestick for the trading session on Thursday, it is likely that the market goes looking towards the 50 day EMA, and then breaking down below there even opens up a move all the way down to about 1.08, which extends down to the 1.0750 level, offering a bit of a “floor” in this market currently. Looking at this chart, it seems as if the volatility is going to continue to be nauseating, so you need to be cautious about your position size. Ultimately, playing the range is the best thing you can do at the point, but if we get a daily close above the 200 day EMA then things could be changing.