EUR/USD Price Forecast – Euro Continues to Show Sluggish Behavior
Euro initially tried to rally, and it did break above the 1.09 level initially, but then turned around to show signs of exhaustion. Ultimately, the market is one that is in a downtrend so I’m not looking to buy this market at this point, so having said that I’m simply looking for signs of exhaustion which we are starting to see yet again. The US dollar of course is one of the favorite currencies out there considering that the market continues to have plenty of reasons to be concerned that of course the European Union is very soft. Remember that the Euro is the “anti-dollar”, and you need to pay attention to the fact that if the US dollar is strengthening elsewhere, it almost has to by extension here.
EUR/USD Video 27.02.20
If we do break above the top of the candlestick for the trading session on Wednesday though, that could send this market back towards the 1.10 level. With that in mind, I would not be a buyer on a break higher, I would just simply look to sell again at the 1.10 level once we get there and show signs of exhaustion. The 50 day EMA is sitting just above the 1.10 level, and that is something that should be paid attention to as well. If we were to close above there on the weekly chart, then you could start to talk about at trend change, but right now I just don’t see it in the fundamental certainly don’t line up with it.
This article was originally posted on FX Empire
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EUR/USD Price Forecast – Euro Continues to Show Sluggish Behavior
