Stock Market

EUR/USD Weekly Forecast – Euro Looking for Buyers


EUR/USD Forecast Video for 06.03.23

Euro vs US Dollar Weekly Technical Analysis

The Euro has initially rallied during the course of the week, as we continue to dance around the 1.06 level. This is an area that I think will continue to be important, so you need to pay close attention to it. The market of course is trying to figure out what to do with the 50-Week EMA, and the fact that we pulled back to the 50% Fibonacci level on that massive bounce, we have to wonder whether or not the downtrend will continue? There is an argument to be made that the bounce was absolutely overdone, and therefore momentum is a bit of a funny thing here.

If we break down below the 1.05 level, then I think that the Euro has a real chance of going down to the parity level over the long term, but I think that the 1.03 level would probably be an area that could cause a little bit of support. Regardless, a lot of this will come down to the US dollar and what it’s doing, as the Euro is considered to be the “anti-dollar.”

If we do rally at this point, I think that the 1.10 level above is a major resistance barrier, so I would still be looking for opportunities to short this market on signs of exhaustion. Whether or not we are ready to break down yet is a completely different question, but there are a lot of factors out there that could have people running for safety, which in general tends to lead traders back to the Greenbank and perhaps even the safety of bonds in the United States.

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

This article was originally posted on FX Empire



Share this news on your Fb,Twitter and Whatsapp

File source

Times News Network:Latest News Headlines
Times News Network||Health||

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button