EUR/USD Weekly Price Forecast – Euro Gives Up Early Gains For the Week

Euro vs US Dollar Weekly Technical Analysis

The Euro rallied at the beginning of the week, but then gave back quite a bit of the gain near the 1.0650 level. This is the same area that we had seen trouble in during the previous week, so I think it makes a lot of sense that we pull back from there. The 1.05 level is a large, round, psychologically significant figure, so it does make a lot of sense that we would see that area offer support. Furthermore, it’s worth noting that the market will probably continue to see a lot of volatility due to the noise coming out of the Federal Reserve, all of which sounds very hawkish.

If we were to break down from here, then it’s likely that we go down to the 1.04 level, an area that has served as support already. If we were to break down below that level, then it’s likely that the Euro will drop down to the 1.02 level, and then perhaps even parity. In fact, I do think that we will probably see parity at one point or another this summer, especially if the Europeans are still struggling to find energy.

The alternate scenario is that if we break above the top of the candlestick for the past two weeks, then it’s likely that the market will test the 1.08 level above. The 1.08 level is an area that has been important previously, so I would anticipate a lot of selling pressure in that area as well. Ultimately, this is a market that seems to have no real fight left in it to the upside, so I think this is going to be more of malaise to the downside.

EUR/USD Price Forecast Video 27.06.22

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

This article was originally posted on FX Empire

More From FXEMPIRE:

• U.S. Supreme Court overturns Roe v. Wade abortion rights landmark

• Crude Oil Price Update – Boosted by Strong Stock Market Performance, Tight Supplies

• Cuba dissident leaders receive jail sentences following heavily-critiqued trial

• Ukraine set to quit ruined Sievierodonetsk as Russians close in

• Russia’s war to cast 40-50 million people into hunger -Blinken

• IMF executive board approves first review of Argentina program -source