EUR/USD Price Forecast – Euro Struggling for Clarity
The euro went back and forth during Monday's trading session as we continue to see great uncertainty on multiple fronts as people have no idea what to do against incentives, economic growth, elections, Brexit and a whole host of other issues. Ultimately, I think this is a market that will continue to be very choppy and noisy, but honestly, this is a market that does so most of the time. In other words, choppy and loud behavior is the norm, not the exception.
EUR / USD Video 10/13/20
The candlestick for that day shows a lot of confusion so I think it's probably hard to imagine at this point that this market is shooting straight into the air. The 1.1850 level should be resistance based on recent supply but below that we should have some support. In the short term, I would expect more back and forth movements, perhaps more sideways than anything else. In this sense, it is a short-term trader event as we still have no clarity on a longer-term trend.
Yes, we are up significantly against the dollar against the euro, but we still have the 1.20 level above that needs to be broken to confirm a longer term cyclical rise. If we fall below the 1.17 level, there is a possibility of falling back to the 1.16 level from which we recently recovered. At this point the question for technical analysis is whether or not retesting the previous uptrend line is just that, or are we going to clip this line like it matters at all? I assume that all it is will be determined by a sudden news event. Because of this, you cannot take large positions.
In our economic calendar you will find all economic events of today.
This article was originally published on FX Empire
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