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Christopher Lewis
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EUR/USD

The Euro has had a strong week again, as we have crashed into the 1.20 handle. The 1.20 level is important on longer-term charts, and it makes interesting trading as we can continue to see a lot of noise in this general vicinity. If we were to break above the 1.20 handle, then I think the Euro goes looking towards the 1.22 level, possibly even the 1.23 level.

EUR/USD Video 19.04.21

All things been equal, this is a market that has been very noisy as of late and has been a difficult thing to hang onto at times. When you look at the last several months, we have simply chopped around and went nowhere. However, this is unfortunately the way this pair tends to move, so you need to be okay with the idea of being patient with your trade. Ultimately, the last couple of candlesticks have look very bullish, so it certainly looks as if the buyers are trying to take off, but it has a lot of work to get above the 1.20 handle.

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If we were to turn around from here, the market is likely to go looking towards the 1.1830 level underneath where the 200 day EMA appears, and just below there we have the 50 week EMA. All things being equal, this is a market that will continue to give people headaches more than anything else. The yield differential between the two economies of course will come into play as well, which favors the US, and that is part of the problem here.

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

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