Euro vs US Dollar Technical Analysis
The Euro has found itself in a mess during the trading session on Thursday as we have sliced through the 1.05 level. The 1.05 level is a prominent, round, psychologically significant figure that many people will be paying attention to and an area where I would anticipate seeing quite a bit of noise. Now that we have broken through there, the market is likely to see further downward pressure, and thereby it is expected that the euro will go looking to the 1.03 level.
If we do a rally at this point, there are a lot of noisy moves that have happened just above that crucial 1.05 level, so that is worth paying attention to. Ultimately, this is a market that I think will find enough sellers in that area to continue to push this market lower. The US dollar is the most crucial currency for traders to pay attention to. Due to fear, the US dollar strengthening makes quite a bit of sense these days, and therefore it is likely that we will see every rally sold into.
If we did break above the 1.06 level, we might get a relief rally to the 1.08 level. The 1.08 level is where we had previously seen support and the 50-Day EMA coming into the picture. Because of this, I think a lot of resistance will be built into that area based on technical analysis and simple psychology. With this being the case, I am looking to fade any rally as it occurs. Furthermore, we may even go to parity before this is all said and done.
EUR/USD Price Forecast Video 13.05.22
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This article was originally posted on FX Empire
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Source: https://finance.yahoo.com/news/eur-usd-price-forecast-euro-134049567.html