EUR/USD Price Forecast – Euro Continues to Grind Towards Major Resistance

The Euro continues to rally significantly during the trading session on Monday, but also has a whole world of resistance above. The 1.14 level is a significant resistance barrier that continues to be crucial, as the market is likely to find plenty of sellers all the way up to the 1.15 handle. Although we do have a lot of Federal Reserve speakers this week, the reality is that the 1.14 level has continued to be exceedingly difficult for buyers to overcome. As long as that is the case, I think we are more likely than not to see some type of pullback yet again.

EUR/USD Video 14.07.20

To the downside, the 1.12 level will be a target, something that a lot of players will continue to focus on. The 50 day EMA is sitting just below there, offering plenty of support. A breakdown below that level of course is a terribly negative turn of events and could send this market down to the 1.10 level after that. If we were to somehow break through all of the resistance above, meaning that we break above the 1.15 handle, that would more than likely be a massive trend change and could send the Euro looking much higher over the next several months, if not years. We have a lot of work to do before that happens though, so I am not necessarily holding my breath to see that happen in the short term. With all of this, expect a lot of choppy trading.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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