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EUR/USD Price Forecast – Euro Bounces From Low Level

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The Euro has rallied quite a bit during the course of the trading session on Monday, showing signs of trying to recover yet again. Ultimately, this is a market that I think sees a lot of resistance above at the 1.20 level, so I think that is only about as far as we can go easily. The 50 day EMA is starting to get towards the 200 day EMA in order to form the so-called “death cross”, so that is something worth paying attention to. However, you should also pay attention to the fact that the Federal Reserve is on tap this week, so there will probably be some choppy behavior.

EUR/USD Video 27.07.21

Nonetheless, the Euro has been a bit oversold as of late, and it is also worth noting that although this is a very poor looking chart, you should see that the last several days we have not available to break the Euro down. Because of this, it is likely that the market will continue to see choppy behavior and the occasional bounce, but I do not think that this is going to be a major trend change in the short term. After all, there is even more support to be tested below at the 1.16 handle which I think is going to be massive in its implications. A little bit of a correction makes quite a bit of sense, because it has been so negative as of late, and it will of course be choppy which 95% of the day is in the EUR/USD pair tend to be.

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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