EUR/USD Weekly Price Forecast – Euro Finds Massive Resistance

The Euro has rallied significantly during the trading week, breaking above the 1.14 handle initially before pulling back yet again. This is just like the last time we spiked higher, the market broke the 200 week EMA and then pulled back significantly. That being said, it does look like the market is running out of steam, and a pullback seems highly likely. Looking at this chart, it suggests that we are not able to break above the 1.15 handle, so I think we are still in the same range that we have been in for some time. When you look at the chart, it looks like we are trying to make a “lower low”, just as we have been doing for ages. The only difference here is there seems to be a lot more in the way of volatility.

EUR/USD Video 15.06.20

Because of this, I believe that a breakdown below the weekly low is worth paying attention to, as it will open up the door for a move back down to the 1.10 level again. We are still in a downtrend, despite the fact that we have had an extraordinarily bullish move over the last month or so. This has happened again, and it will happen in the future. However, it has not changed the overall attitude of the market, and that something that should be paid attention to. With this, I believe that we will be sellers of the Euro next week and have no intention of buying this pair until we break above the 1.15 handle.

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