EUR/USD Weekly Price Forecast – Euro Slamming Into Major ResistanceThe Euro rallied significantly during the week, reaching towards the 1.10 level during the Friday session. At this point, the market is likely to see a lot of noise, so therefore it will be worth paying attention to. Longer-term traders tend to have issues with the Euro though, because it does not have clean movement.
The Euro has rallied significantly during the week, reaching towards the 1.10 level. That is an area that is significant and therefore it should be paid attention to. That being said, there are a lot of questions out there as to where the market we could go next, because quite frankly there is a lot of resistance above. It is very possible that we may extend the overall range towards the 1.11 level, so that is something that you need to keep in mind. Quite frankly, the Euro does not move cleanly enough to hold onto very easily, so you have to have real conviction to short this pair or by it and hang on. That being said, you can use the daily chart a little easier, so therefore that is typically how I trade this market.
EUR/USD Video 04.05.20
That being said, we are still in a downtrend regardless of the volatility, so at this point it is likely that we will see sellers sooner or later. To the downside, the market probably goes looking towards the 1.0850 level, possibly even the 1.0750 level. Over this range, you will see a lot of choppiness, so you need to be overly cautious about position sizing. That being said, the market should continue to see a lot of noisy action, as both of these central banks are very loose with monetary policy, so at this point in time we will continue to see a lot of confusion.