EUR/USD Weekly Price Forecast – Euro Slaves Into Major Figure

The Euro has tried to rally during the trading week and did establish a foothold of significant gains. However, the 1.10 level seems to be offering a bit of a fight, as you would expect due to the fact that it is a large, round, psychologically significant figure and it was supportive more than once in the past. On the daily chart, the market pulled back at the 200 day EMA which is also an area where you see a lot of interest most of the time, so all of this lines up as a technical analyst would expect.

EUR/USD Video 30.03.20

Looking at the chart, it’s also apparent that the 50 week EMA sits just above the top of the candlestick as well, another indicator that a lot of traders will pay attention to. Looking at the chart, it becomes obvious that there is a lot of volatility out there, which is of course nothing that you should already know. Quite frankly, the headlines continue to throw the markets around and that will be continued as we try to figure out where the coronavirus slows down the economy next, and of course whether or not the central bank interference in both economies continues to cause issues.

Looking at the chart, if we do break above the 50 week EMA, then it opens up the possibility of moving towards the 1.14 handle, maybe even the 1.15 level. To the downside, if we do start to accelerate, then we could see the Euro drop down towards the 1.06 level, an area that has already proven itself to be of interest.

This article was originally posted on FX Empire

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