EUR/USD Weekly Price Forecast – Euro Has Explosive Week

The Euro has exploded to the upside reaching towards the 1.19 level, an area that has a lot of resistance extending from the 1.19 level to the 1.20 level. Ultimately, this is a market that I think will continue to see a lot of noise, due to the fact that the US elections are still causing issues, and of course we have lockdowns in the European Union. Further compounding this noise is the fact that the European Central Bank is likely to see the need to go nuclear with some type of stimulus as well.

EUR/USD Video 09.11.20

With that being said, I think we stay within a range, but if we can finally break above the 1.20 level, then the market can go much higher. There is a massive amount of resistance between the 1.19 level and the 1.20 level, so I would expect that to continue to be a major issue, just as it looks like the 1.16 level is starting to turn into a major support level. Ultimately, this is a market that I think sees a lot of noise going forward, and quite frankly longer-term traders are going to continue to struggle to find clarity. If we can break above the 1.20 level, then you can buy-and-hold for reach towards 1.25, but we are not quite there yet.

Expect more volatility, not less, as the world seems to be getting more chaotic each day. I think the height and choppy conditions will continue in this pair going forward, just as we are seeing in other FX pairs.

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