EUR/USD Weekly Price Forecast – Euro Breaks Out Above Resistance

The Euro has broken higher during the course of the trading week, breaking above the 1.1850 level. That being said, the market is likely to continue seeing this area as a very difficult to get above, so with that in mind I would suspect that the 1.19 level continues to be a bit of a battleground. With that being the case, the market is likely to see a big fight at this general juncture, and with this being the case I think the next couple of days will be testy. Furthermore, this coming week features are lot of volume reentering the market after the holiday, so whether or not we can break out will probably be determined in the next couple of weeks.

EUR/USD Video 06.09.21

To the downside, the 1.17 level is a support level, just as to the upside the 1.20 level is a significant resistance barrier. With this being the case, think the market is going to continue to see a lot of difficulties, and if that is going to be the case then I think this is a market that will continue to be difficult to trade from the longer-term, but if we can clear the 1.19 level, I think that would be the key for longer-term traders to be buyers in be able to hang on to this market for a while. With all of that being said, I think the next couple of weeks are going to be a bit difficult to say the least but eventually we will get the breakout that we can follow for several months.

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