EUR/USD Weekly Forecast – Euro Drops for the Week

EUR/USD Forecast Video for 13.11.23

Euro vs US Dollar Weekly Technical Analysis

The euro has fallen a bit during the trading week, as the 50-Week EMA has come into the picture to offer resistance. It’s probably worth noting that the 200-Day EMA on the daily chart has also offered quite a bit of resistance. By doing so, the Monday candlestick was a shooting star, and we have fallen since then. Furthermore, you have to keep in mind that we are very much in a downtrend, so therefore it’s likely that the market could drop down to the 1.06 level at the bottom of the flag. If we were to break down below there, then the market is likely to go looking to the 1.05 level.

On the other hand, if we can break above the high of the week, then it opens up the possibility of a move to the 1.09 level. Regardless, this is a market that sees a lot of choppiness and noisy behavior, and therefore it’s likely that we will continue to see a lot of noise.

Currently, the argument is as to whether or not the Federal Reserve is going to loosen its monetary policy, or if they will remain tight. All things being equal, this is a market that continues to move on the latest narrative or rumor, which will continue to see a lot of choppy behavior. If the market were to break down below the 1.05 level, the “trap door would open”, sending the market much lower, perhaps down to the 1.0250 level. Either way, I think you are on the precipice of a move either higher or lower, and we should see a significant amount of momentum into the market sooner or later.

For a look at all of today’s economic events, check out our economic calendar.