EUR/USD Price Forecast – Euro Continues to Chop Up Trading Accounts

The Euro continues to be very choppy even though it is negative. Having said that, you can see the same thing about the previous year and ½, possibly two years. In other words, if you are a big fan of going 15 pips in one direction and then 15 pips in another, then this will be the market for you. The Euro is something that is more of an investment than a trade, unless you are foolish enough to trade the altar short-term charts.

EUR/USD Video 24.04.20

That being said, the ECB is getting ready to accept junk bonds, because everybody in the world knows that Spain and Italy both are on the verge of being downgraded to junk status. This does not exactly inspire confidence, so I think that short-term rallies will continue to attract sellers in this pair. Breaking through the 1.08 level was a relatively strong sign, at least for the US dollar. At this point I would anticipate that the 1.0650 level gets hit eventually, but with the lack of momentum this pair typically has that could be a two week process.

For those of you that are a bit more longer-term, you may be looking for some type of rally towards the 1.09 level that you can fade, and perhaps hang on for a couple of handles. One thing that this chart is good for though is to measure the Euro relative strength so that you can trade it accordingly against other pairs such as the yen or the pound. High-frequency traders have inundated the market, mainly because of the small spread, making it somewhat pointless for retail traders to be involved with as it simply does not move.