EUR/USD Price Forecast – Is the Euro Ready to Plunge Well Below Parity?

Euro vs US Dollar Technical Analysis

The Euro plunged again during the trading session on Thursday to test the parity level. The market looks very likely to continue going lower, but the question is when will it happen? It certainly looks as if we are picking away at the support, and therefore I think you need to look at this through the prism of an inevitable collapse. That doesn’t mean that you jump in with both feet, just that the market is going to continue to be relentless.

Because of this, I think it’s probably a situation where we have a “fade the rally” type of situation going forward, and I think that will continue to be the case. Ultimately, this is a market that I think probably will go looking to get down to the 0.98 level, maybe even 0.96 level after that.

The 1.02 level offers a significant amount of resistance, just as the 1.04 level does. Because of this, I am looking at this through the prism of a potential selling opportunity in one of those levels if we do rally, but at this point it looks like we are going to struggle to even do that.

As far as buying is concerned, I have no interest in doing so unless the situation in Europe changes with the energy problems, and of course the Federal Reserve changes its attitude overall. I would not hold my breath for that, so I think we have much further to go before it’s all said and done.

EUR/USD Price Forecast Video for 15.07.22

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