EUR/USD Forecast – Euro Continues to Look For a Floor

Euro vs US Dollar Technical Analysis

The Euro has been somewhat sideways over the last couple of days after plunging below the 1.10 level. That being said, it looks as if we are trying to find our flooring somewhere around 1.0950, but really at this point in time, when you zoom out and you look at the Euro, it’s just chopping back and forth between big figures. So, it’ll be interesting to see if this can hold. If we can break back above the 1.10 level, then it’s likely that the market could try to get to the 1.12 level, but this would be more or less a “risk on” type of move in this market and might need some help from other markets.

Keep in mind that Monday had a serious lack of economic announcements and therefore markets typically tend to be a little bit more on the positive side. If for no other reason, there’s nothing to spook them. So, with that being said, I do think that you need to watch the 1.10 level for a potential signal.

If we fall from here, the 1.09 level would be the next major support level followed by an even more important support level at 1.08. Either way, this is a market that I think continues to be very noisy and from a longer term standpoint, very range bound. But I do use this pair to give me an idea as to how the US dollar might perform during that particular session that I’m watching it.

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