EUR/USD Weekly Price Forecast – Euro Continues Same Consolidation

The Euro has rallied a bit during the course of the trading week but has not been able to break out of the range that has been in for a little over month. That is quite typical for this pair, it will just simply do nothing for long periods of time, and then suddenly make a move. Right now, I think a lot of people are focusing on the European Central Bank, because it is just now talking about inflation. They are nowhere near tightening, so I do not think that you can expect a lot of help from the central bank, but it is something worth paying attention to.

EUR/USD Video 27.12.21

If we break above the 1.14 handle, then I think that the Euro goes looking towards 1.15 handle, followed by the 1.16 level. If we break down below the 1.12 handle, then that opens up a move down to the 1.10 level where we have a lot of psychological and structural support. Either way, I think you have to wait for some type of break out to get involved, because quite frankly this is a market such as grinding away and killing time at the moment. Looking at this chart, it is easy to see that there is a lot of resistance just above, based upon the multiple wax that have formed over the last month or so. Because of this, I still think that the Euro is probably going to struggle in general, but I am not willing to put money to work until we break out of this little range that we have been in.

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