Yahoo Finance EUR/USD Price Forecast – Euro Testing Major Support Again
The Euro has fallen again during the course of the trading session on Tuesday to reach down towards the 1.1650 region. The market has seen a bit of a bounce from that level, but quite frankly, this is a market that has been grinding lower, due to the fact that the US dollar has been strengthening overall. If we break down below the most recent low, then it is likely we go looking towards the 1.16 handle. Below there, then the market is likely to go looking towards the 1.15 level after that.
EUR/USD Video 29.09.21
Rallies at this point will continue to face a lot of pressure, especially all the way up to the 1.1750 level, where we had pulled back from multiple times. That being said, the market is likely to see a lot of choppy behavior, but eventually we should see the downside makes the most amount of sense, due to the fact that the markets have a lot to worry about, and of course interest rates in the United States continue to rise, making the US dollar much more attractive.
On the other hand, if we do break above the 1.1750 level, then it allows this market to go looking towards the 50 day EMA, possibly the 1.1850 level as well. In other words, it would take a significant turnaround to make that market move, which I see as being very unlikely at this point in time. When I look at this chart, it looks like it is a simple “fade the rallies” type of situation just waiting to happen.
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This article was originally posted on FX Empire
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