EUR/USD Price Forecast – Euro Continues to Show Signs of Lackluster Performance

The Euro tried to rally early during the Monday session, but gave back some of the gains as we continue to see a lot of “selling on the rallies.” Furthermore, it’s very likely that the Euro will continue to struggle in general, because at this point it’s difficult to imagine a scenario where the European Union is suddenly a place where people want to throw a lot of money at. The US dollar of course remains a major “safety currency”, as it is the world’s reserve currency.

EUR/USD Video 21.04.20

If we break down below the 1.08 level, then it opens up a move down to the 1.0650 level given enough time, just as the breaking of 1.09 to the upside allows the market to go looking towards the 1.10 level where I would expect a decent selling opportunity. This is a market that clearly is choppy, but it’s also obvious that the sellers continue to come in and push this market lower. Because of this, I like the idea of “fading the rallies” on short-term charts, and I am not looking for some type of major move in the short term, simply because this pair doesn’t typically move like that. What we have seen over the last couple of months has been a huge anomaly, as this is the type of market that can put you to sleep on most days. I believe that the downward pressure will continue to be a mainstay, it wouldn’t take a rally serious at all until we get above the 200 day EMA.