EUR/USD Forecast – Euro Continues to Grind Away

Euro vs US Dollar Technical Analysis

The Euro continues to do almost nothing as the last several days have just simply been sideways trading. Ultimately, this is a market that I think has to make a bigger decision. And while we do get PPI numbers, I don’t know if it’s going to change anything drastically. At this point, the euro is going to be paying attention to a couple of levels, including the 1.0880 level for support and the 1.0950 level for resistance.

At that point, I would anticipate that the pair goes to the next big figure. On a move to the upside, that would be the 1.10 level, and on a move to the downside, it would be the 1.08 level. In general, I think this is a scenario where traders are just trying to sort out what central banks are going to do. The ECB is likely to cut again. The Federal Reserve is likely to start. So really, at the end of the day, you have to ask the question what would have been the difference.

And more likely than not, we have a scenario where we are just hanging about. This does give you a bit of a heads up as to what’s going on with the US dollar, and you can use that information in multiple other pairs. But as far as trading this one, there’s really nothing overly attractive about it at all. Short-term scalpers probably will continue to like this pair, but unless you’re scalping the market, it is probably difficult to make any serious money.

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