EUR/USD Forecast – Euro Continues to Press Against The US Dollar

Euro vs US Dollar Technical Analysis

The Euro has found itself to be a little bit positive, but really at this point in time, it looks like we are just simply trying to figure out whether or not we can build up enough momentum to break above the 1.12 level.

Keep in mind that the 1.12 level has been important multiple times as resistance and has a historically significant resistance barrier there that so far at least has held. If we can break above there, then the 1.1250 gets targeted. And then after that, it’s more or less going to be a buy and hold situation. On the downside, we have the 1.11 level, which is support, and should continue to attract a certain amount of buying pressure.

If we were to break down and slice through that area, we should go looking to the 1.10 level, where I think you have even more support. Quite frankly, this is a market that features two currencies that have central banks that are both somewhat loose with their monetary policy and probably only getting looser.

So, I don’t really know that there’s a major victor here, probably slightly positive for the euro overall, but not enough for me to put a lot of money into it. I have been using this chart just simply to get an idea as to whether to buy or sell the US dollar against other currencies.

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