EUR/USD Weekly Price Forecast – Euro Continues to See Negative Move

Christopher Lewis
Updated: Jun 15, 2024, 21:36 GMT+00:00

The euro continues to see a lot of noisy behavior, as the market will continue to see a lot of questions asked of the European Union, and the economy as the ECB has already cut rates.

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Euro vs US Dollar Weekly Technical Analysis

The Euro initially tried to rally but has really gotten hammered over the last several sessions as the G7 countries are now threatening Chinese banks. So that has people worried about a tit-for-tat type of trade war heating up and that generally helps the US dollar because people buy Treasuries. That being said, it’ll be interesting to see how this plays out because at this point the Federal Reserve has yet to cut but the inflation numbers are starting to head in the right direction.

So I don’t know that this changes a whole lot and I believe ultimately we’re going to end up being very I suspect very sideways most of the year, maybe with a range between 1.05 on the extreme low and 1.10 on the extreme high. Every 100 pips, we see some type of reaction from the big figures, which is not a surprise. The euro tends to be choppy under the best of circumstances. So really at this point,

I think we’re just going to have to pay attention to big handles. If we can break above 1.07, we may make a run to 1.08, but in the longer term weekly time frame traders are going to be more interested somewhere around 1.06 to start buying based on value. If we give up 1.05 to the downside, that could be very negative for the euro and we could plummet at that point, but I don’t see that happening any time soon.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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