EUR/USD Forecast – Euro Continues to Look For Movement

Euro vs US Dollar Technical Analysis

The Euro continues to hang around the 1.07 level, an area that quite frankly is somewhat important in the sense that we have seen a lot of back and forth here between support and resistance. And on Thursday, it looks like we’re content to just hang around this area yet again.

This is a market that, quite frankly, does put people to sleep at times, and I think that’s somewhat what we are getting here. You could make an argument for a bearish flag though, so we’ll have to wait and see how that plays out. If we can break higher, perhaps above 1.0750, then it’s possible that we could test the 50-day EMA. I’m not necessarily holding my breath on that one though, but it is a very real possibility.

If we break down from here and blow below the 1.0650 level, then we will test the 1.06 level, and anything below there would continue the previous downtrend that we had seen. Obviously, this is a market that’s very sensitive to interest rates, and right now, nobody’s really sure what to make of the Federal Reserve statement, press conference and everything else on Wednesday, so this confusion should not be a huge surprise.

With that being said, we also have to look forward to jobs, so that comes into the picture as well, as the employment announcement in America obviously will cause a lot of volatility. More than not, I would say I’m rather neutral on this pair.

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