EUR/USD Weekly Price Forecast – Euro Just Under 200 Week EMA
The Euro has gone back and forth during the course of the week, as we continue to hover around the 1.16 level. That of course is an area that has been important more than once over the last couple of weeks, it is also worth noting that the 200 week EMA is sitting just above. With this chart does not show you is that the Thursday candlestick was a massive shooting star, just as the Friday candlestick is trying to be. This shows that we are failing to break out significantly, but we also have quite a bit of support underneath. This lends credence to the idea of consolidation more than anything else, but if we were to break down below the 1.15 level, that could really break things down at that point.
EUR/USD Video 18.10.21
The Euro is one of the weakest currencies that I follow right now, due to the rise in coronavirus numbers and the lack of growth on the continent. While the rest of the world is reopening, that should help Europe right along as well, but it does have its own issues and therefore the currency may continue to lag some of the other ones.
The market as you can see has been very noisy, and therefore it is a little difficult to put money to work at this point, but quite frankly there are enough set ups around the world right now that you do not necessarily have to waste your time with this pair until we get a decisive move in one direction or the other.
For a look at all of today’s economic events, check out our economic calendar.