EUR/USD Forecast – Euro Pulls Back Into the Weekend
EUR/USD Forecast Video for 28.11.22
Euro vs US Dollar Technical Analysis
The Euro rallied a bit during the trading session early on Friday but has given back most of the gain and more. At this point, it looks like the Euro is going to continue to see the 200-Day EMA as important, right along with the 1.04 level. The 1.04 level seems to be offering resistance all the way to the 1.05 level, so I think this is going to be a very thick “zone of resistance” that is going to be difficult to break above.
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On the downside, we could go down to the 1.03 level and still only be consolidating. Breaking down below there then opens up even fresher selling, putting more money to work on the downside. In that scenario, I would expect the Euro to go down to the 1.01 level, possibly even the parity level. Keep in mind that the 50-Day EMA is near the 1.01 level and rising. That will attract a certain amount of attention; therefore, you should pay close attention to how we behave if we get down there.
On the upside, if we were to break above the 1.05 level, then it’s likely that the Euro will change the entire trend, perhaps sending this pair much higher. Ultimately, the market is going to continue to be very noisy and will have to determine whether or not we are forming some type of bullish flag, or if we are perhaps forming a rectangle top. Either way, this is a market that I think will continue to be very choppy, as traders continue to try to figure out what the Federal Reserve is going to do.
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