EUR/USD Price Forecast – Euro Continues to Drift Back and Forth

Euro vs US Dollar Technical Analysis

The Euro has gone back and forth during the trading session on Tuesday as we continue to see a lot of noisy behavior, but most decidedly negative. At this point, the market is likely to continue to see a lot of rallies, but those rallies are more likely than not going to continue to be selling opportunities to pick up cheap US dollars going forward. Ultimately, the parity level would need to be broken to take any rally seriously, which is something that is not going to happen anytime soon.

The 0.95 level underneath will be an area potential support, and of course is a large, round, psychologically significant figure that people will pay close attention to. Ultimately, the market is likely to continue to see a lot of volatility, and a lot of negativity, so at this point I think it’s only a matter of time before we see this as a situation where you are fading the first hints of exhaustion after a short term rally.

If we were to break above the parity level, then it’s possible that we could take off to the upside, but that would take a huge shift in monetary policy coming out of the Federal Reserve, and of course something good coming out of the European Union, which does not seem to be very likely in this current environment. The market will continue to see a lot of concerns out there when it comes to the future direction of the economy over the next several months, and at this point it just makes no sense to try to get long at this juncture.

EUR/USD Price Forecast Video for 28.09.22

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