EUR/USD Price Forecast – Euro Falls Hard Yet Again

The Euro has fallen yet again on Friday, as we continue to see a lot of noise. This is a market that continues to chop around quite a bit and I think at this point it’s only a matter of time before we get some type of selloff. If the market rallies from here, I believe that the 1.08 level, 1.09 level and of course the 1.10 level should all offer a significant amount of resistance to these rallies. At this point, I think that the market will continue to try to go lower over the longer term, but some type of bounce is likely after all of this negativity. That being said, the market certainly isn’t one that you want to be buying into, because quite frankly the European economy continues to struggle in general.

EUR/USD Video 06.04.20

To the downside I see the 1.06 level as massive support, and the eventual target could be as low as 1.05 or so. I don’t trust moves to the upside until we get well above the 1.10 level on a close. Until then, I look at any rally with suspicion, but the lack of action when it comes to the post Non-Farm Payroll movement tells you that the market has already priced in very poor economic conditions in the United States. That being said, the US treasury markets will provide a safe haven for a lot of traders, thereby driving up the value of the greenback in general. I think it’s we drift into the weekend; the market is likely to simply stall.

This article was originally posted on FX Empire

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