EUR/USD Price Forecast – Euro Slams Into Uptrend Line
The European Union is currently dealing with a lot of bad news, but it seems like nobody is paying attention. This is the biggest problem with macroeconomics, they only matter what interests people. At the moment, the world obviously only cares about incentives, and they are trying to force the Federal Reserve to do just that. However, it is somewhat outside the hands of the Federal Reserve, and now it comes down to Congress. What you see is a table where a lot of people are betting that Congressmen will do whatever they can to stimulate between now and the elections. This leads to a very dangerous trade.
EUR / USD Video 10/12/20
While this pair is difficult to sell, you certainly cannot be a buyer at this point. There is obvious resistance in the form of the uptrendline and of course the 1.1850 level. The end result, similar to the British pound, is that the market is essentially toxic. All it takes is a tweet or a rumor to send this couple one way or another. It is obvious that there is no real conviction because although we have had some relatively strong moves in short bursts, the market will just sit still afterwards. I think this is probably the market we will hold on to until we get clarity. I wouldn't be holding my breath anyway, but I suspect that bad news can probably make more money than good news because there's so much noise up there.
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This article was originally published on FX Empire
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