EUR/USD Weekly Forecast – Euro Screams Higher for the Week

EUR/USD Forecast Video for 20.11.23

Euro vs US Dollar Weekly Technical Analysis

The euro has rallied rather significantly during the course of the trading week, as it looks like we are threatening the 1.09 level. If we can break above the 1.09 level, then the market can go looking to the 1.10 level, which would finally open up a huge run to the upside and a turnaround the overall attitude. That being said, if you look at the weekly chart, you can also see that we are right around where the previous uptrend line had been, and therefore if we can pull back from here, we may very well find ourselves heading back into the bearish flag.

In general, I think this is a market that will have a lot of volatility, but at this point time is very likely that we would see choppy behavior and therefore longer term traders and I have to be especially careful. However, the 200-Week EMA above being broken would be a major trend change. At this point, the bearish flag has been broken, and therefore we no longer pay attention to, but there will be a little bit of a “market memory” area where the top of the previous flag.

All things being equal, this is a market that I think gives us a situation where the market will continue to be very volatile, so therefore you need to be cautious about the position size as you need to be very cautious with the potential volatility that we continue to see. All things being equal, this is a situation where we will continue to move in a somewhat erratic manner, and therefore you need to protect yourself more than anything else.

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