EUR/USD Price Forecast – Euro Continues to Press the Upside
The Euro rallied a bit during the trading session on Monday as people came back to work from the weekend. That being said, the question now is whether or not the Federal Reserve flooding of the markets with the US dollar will continue to work against it. At this point, I fully anticipate that it will and therefore I think it is only a matter of time before we do break above the crucial 1.19 level. If and when we do, then it is likely that the market goes looking towards the next psychologically important and obvious target, the 1.20 level.
EUR/USD Video 18.08.20
Underneath, the 1.17 level should continue to offer a significant amount of support, as it has been important more than once. As we consolidate like this, one would have to figure that the market is getting much more comfortable with the idea of being up at this high level, and therefore that we can continue the overall uptrend.
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I have no interest in shorting this pair, and even if we were to break down below the 1.17 level I think at that point you would have to assume that the 1.15 level would assert its importance again, as the market would go looking to find buyers near the 50 day EMA that can push this market even higher. Longer-term, I fully anticipate that we do break out and quite possibly even above the 1.20 level due to the Federal Reserve liquidity measures. With that, I am a buyer of dips and a buyer of rips.
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