Yahoo Finance EUR/USD Price Forecast – Euro Continues to Press 200 Day EMA
The Euro broke higher during the trading session on Thursday, reaching towards the 200 day EMA. That of course is a major technical indicator, and of course it will attract a lot of attention. Quite frankly, it comes down to whether or not people are going to pay attention to the Federal Reserve trying to kill the greenback, or are they going to pay attention to the European Union taking on federalized debts. That of course makes people more willing to invest in the European Union when they know that Germany is going to backstop everybody, but it also shows a lot of the major underlying issues with the European Union.
EUR/USD Video 29.05.20
Quite frankly, I think we are at a major inflection point, and the question is whether or not the market can cleanly break above the 200 day EMA. The daily close for Thursday is going to be crucial, and quite frankly if it is above the 1.1050 level, it is likely that the Euro continues to go much higher. When you look at the monthly charts, there are a couple of hammers, but there is also a major neutral candlestick due to the noise from February. In other words, while it does look like we are trying to form some type of base, the reality is that the Euro is a complete mess right now, so it is exceedingly difficult to trade with any type of confidence. Either way, I think the one thing you can probably count on is a lot of noise in this pair, which is quite typical for the way it behaves.
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This article was originally posted on FX Empire
