EUR/USD Weekly Price Forecast – Euro Continues to Hug The Same Level

Euro vs US Dollar Weekly Technical Analysis

The Euro has gone back and forth during the week, reaching above the 1.06 level at one point, only to break down below the 1.04 level at one point. The 1.05 level is like a magnet for the price, so it is worth paying close attention to it. I think at this point it’s likely that we will continue to see a lot of back-and-forth, but if we break down below the bottom again, that opens up the possibility of the Euro going down to the 1.02 level, possibly the 1.00 level over the longer term.

Pay close attention to the bond market in the United States, because it has seen very high rates for some time, which of course makes the US dollar attractive. The other side of the coin is the Euro and the concern that the ECB will have to do something to save the Italian bond market. In other words, we have already seen the ECB give a few hints as to whether or not they can stay hawkish. At this point, doesn’t look very likely that will be the case. With this in mind, it’s likely that every time the Euro bounces, there will be sellers out there willing to take advantage of it.

If the Euro were to break above the 1.08 level, then we may get more of her recovery, but right now that seems to be very unlikely. The downtrend is very strong, and there’s nothing fundamentally or technically that suggests that it’s going to end anytime soon in this environment.

EUR/USD Price Forecast Video 20.06.22

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