EUR/USD Weekly Forecast – Euro Has Bullish Week

EUR/USD Forecast Video for 18.12.23

Euro vs US Dollar Weekly Technical Analysis

The euro has rallied significantly during the course of the week, as we slammed into the 1.10 level. This is an area that has been important more than once, and it also features a 200-Week EMA. With that being said, we have pulled back just a little bit from that level, as the market had gotten a little overbought. All things being equal, if we can break above the 200-Week EMA, extensively the highs of the week, then it’s likely that the EUR/USD pair will go looking to the 1.1250 level. This is an area that previously had been significant resistance, so I think it makes a relevant target.

If we do pull back from here, it’s very likely that we will continue to see a lot of buyers jumping into the market, trying to find any value they can. Ultimately, this is a market that I think continues to find plenty of pressure, but the next couple of weeks will feature a lot of liquidity disappearing from the market as traders will focus on the holidays, so therefore it’s likely that the markets will be a little bit, at times. However, I think given enough time we will probably see a sudden and erratic move due to a lack of volume, but it certainly looks as if the buyers are going to be interested in this market. Underneath, the 50-Week EMA is a massive support level, hanging around the 1.0750 level. In general, it looks like we are squeezing between these 2 EMA indicators but given enough time it looks like the buyers will overcome.

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