EUR/USD Weekly Price Forecast – Euro Pulls Back From 50 Week EMA

The Euro pulled back a bit during the course of the week to show signs of hesitation after what had been a couple of strong candlesticks forming on the weekly chart. With that being the case, it looks as if we may be seen a little bit of trouble for the Euro, but I do think that it is probably only a matter of time before we have to make a bigger move.

EUR/USD Video 13.09.21

At this point, if we break down below the 1.17 level then I think we go looking towards 1.16 level. On the other hand, if we can turn around a breakout above the 1.19 level, then we go looking towards 1.20 handle. In other words, it will be some of the typical choppy Euro trading that we all have seen throughout our trading careers. The question now is whether or not the double top above was something significant, or if it is just simply an area that we will continue to try to get to? At this point in time, it is a little early to make any decisions, but it certainly looks as if we are trying to take off.

Keep in mind that this is probably just as much about the US dollar than it is the Euro, so pay close attention to what is going on with the Federal Reserve and its usual nonsense. Right now, the Federal Reserve looks as if it is never going to do anything remotely close to tightening monetary policy, so that more than likely will work against the value of the US dollar over the longer term.

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