EUR/USD Weekly Price Forecast – Euro Gives Up Gains

The Euro tried to rally during the week, but then gave back a bit of the gains at the 50 week EMA, and it now looks very likely that we are going to continue to struggle here and reach towards the bottom of the overall consolidation. The 1.10 level underneath is an area that should continue to be an attraction for the market, just as the 1.12 level has been. Looking at this market, it looks as if it still favors the downside a little bit, but the choppy this should continue to be an issue.

Euro to Dollar Forecast Video 20.01.20

If we do break above the 1.12 handle, then the market should go higher, perhaps reaching towards the 200 week EMA. Otherwise, if we break down below the 1.10 level, then the market could go down to the 1.09 handle, and then possibly down to the 1.0750 level where there is a bit of a gap. At this point, this is a market that looks like it’s all over the place and with the weakness in the European Union it’s likely that we will make a move towards the 1.10 level. Having said that, this is a market that is going to continue to be choppy and difficult for longer-term traders to get involved in, so it’s likely that the short-term traders will probably continue to move this market back and forth. All things being equal, longer-term traders don’t do well this market, because the choppy behavior doesn’t offer enough in the way of rewards over the longer term.

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This article was originally posted on FX Empire

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