EUR/USD Weekly Price Forecast – Euro Gives Up Early Gains For the Week

Euro vs US Dollar Weekly Technical Analysis

The Euro rallied at the beginning of the week, but then gave back quite a bit of the gain near the 1.0650 level. This is the same area that we had seen trouble in during the previous week, so I think it makes a lot of sense that we pull back from there. The 1.05 level is a large, round, psychologically significant figure, so it does make a lot of sense that we would see that area offer support. Furthermore, it’s worth noting that the market will probably continue to see a lot of volatility due to the noise coming out of the Federal Reserve, all of which sounds very hawkish.

If we were to break down from here, then it’s likely that we go down to the 1.04 level, an area that has served as support already. If we were to break down below that level, then it’s likely that the Euro will drop down to the 1.02 level, and then perhaps even parity. In fact, I do think that we will probably see parity at one point or another this summer, especially if the Europeans are still struggling to find energy.

The alternate scenario is that if we break above the top of the candlestick for the past two weeks, then it’s likely that the market will test the 1.08 level above. The 1.08 level is an area that has been important previously, so I would anticipate a lot of selling pressure in that area as well. Ultimately, this is a market that seems to have no real fight left in it to the upside, so I think this is going to be more of malaise to the downside.

EUR/USD Price Forecast Video 27.06.22

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