EUR/USD Weekly Price Forecast – Euro Breaks Down For The Week
The Euro has broken down below the 1.10 level during the trading week, breaking down significantly during the back half of the week as the European figures continue to be very negative. The market breaking down below the 1.10 level is a significant move, because it shows that we are going to continue its downward pressure as the US dollar has been gaining for some time. This is a market that has been steadily going lower, and short-term rallies continue to offer short-term selling opportunities. However, if you are a longer-term trader, you simply have sold and held onto.
Euro to Dollar Forecast Video 10.02.20
The market more than likely could go down towards the 1.09 level next, and then 1.08. The 1.0750 level is an area that could also be of interest as there is a gap down at that area that hasn’t really been filled yet. That being said, it could be another year before we get there as this pair tends to move very slowly. The 50 week EMA has been reasonably reliable, so at this point any move towards that moving average will probably be a selling opportunity. Otherwise, if the market was to break down below the bottom of the candlestick, it’s likely the momentum will simply pick up and it should be noted that a lot of the recovery was late in the week as traders went home. Monday will be crucial, but longer-term it’s very likely we continue to go to the downside. I have no scenario in which I am ready to start buying the Euro currently.
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