EUR/USD Weekly Forecast – Euro Continues to Find Buyers on Dips

EUR/USD Forecast Video for 24.04.23

Euro vs US Dollar Weekly Technical Analysis

The Euro initially dipped during the trading week but has found enough support near the 1.09 level to turn things around. By doing so, the market looks as if it is trying to find reasons to go much higher, and of course it is paying close attention to the 1.10 level. There is a lot of noise in that general vicinity, and of course we also have the 200-Week EMA sitting above the candlestick from the previous week. Ultimately, that is going to be a nice barrier, but if we do break above that level, then it’s likely that we go looking all the way toward the 1.15 level, which would take some work at this point.

Ultimately, this is a market that I think is going to pay a lot of attention to the European Central Bank, and the fact that it is remaining steadfast in its decision to fight inflation, so therefore it does make a certain amount of sense that the Euro will continue to attract a lot of attention. That being said, we also have to worry about a lot of economic issues around the world, therefore it does make a certain amount of sense that we could see more of a “buy on the dip” mentality, that could get wrecked in the event of some type of financial distress, which there is most certainly quite a bit out there that could cause that right now. With that being the case, I think you get a situation where you have to look at this through the prism of buying on dips in the short-term, but longer term you need to pay close attention to the 1.08 level underneath.

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