Yahoo Finance EUR/USD Price Forecast – Euro Gets Hit on Monday
The Euro fell after initially trying to rally on Monday, showing signs of weakness against the US dollar. Ultimately, this is a pair that is typically very choppy but at the end of the day it’s very unlikely that we sit in one spot for too long. There has been a lot of noise in this pair, and quite frankly it is an argument between two central banks that are trying to loosen monetary policy as greatly as possible. At this point in time, the 1.10 level will probably cause some type of reaction, but it’s a bit premature to suggest that it is going to either be support or resistance once we get to or through that level. It’s probably best to let the market decide which side of 1.10 it wants to be on, and then to simply trade in that direction.
EUR/USD Video 31.03.20
If we get a close below the 1.10 level, then I believe that the EUR/USD pair will probably go looking towards 1.08 handle. Alternately, if we bounce from here, then the market could very well go looking towards the 1.12 level. At this point, I believe it’s more or less about the US dollar than anything else, and of course any risk on/risk off type of scenario we find ourselves and based upon the latest headline. The erratic behavior of the markets will more than likely continue, making things very difficult to deal with so keeping your position size small and widening out your stops will probably be the easiest way to play this market.
This article was originally posted on FX Empire
