EUR/USD Price Forecast – Euro Trading Very Tight on Friday

The Euro initially tried to rally during the trading session on Friday, but then found enough resistance at the 1.17 level to turn things back around a start falling. Ultimately, the market is likely to see a lot of volatility, but I do think that we are more likely than not to fade rallies, and the action on Friday certainly tends to back that idea up. Even if we do rally above the 1.17 level, there is a lot of resistance at the above there at the 50 day EMA as well, so with that being the case I am looking to fade any time we get a little bit ahead of ourselves.

EUR/USD Video 02.11.20

If we do break above the 50 day EMA, the market then probably goes looking towards the 1.18 level above that should be resistance. Ultimately, this is a market that will probably continue to go much lower, perhaps reaching down towards the 1.15 level before it is all said and done. The 200 day EMA is racing towards that area but should be an area that people will pay close attention to. I think a pullback to the 1.15 level makes quite a bit of sense considering that the European Union is locking down its economy, and of course stimulus is nowhere to be found in the United States. Furthermore, there is a ton of uncertainty out there so it makes sense that people may be looking to the greenback for bit of safety. That being the case, there is not a compelling reason to be buying the Euro anytime soon.

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

This article was originally posted on FX Empire

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