EUR/USD Forecast – Euro Continues to Look Lackluster

Euro vs US Dollar Technical Analysis

The Euro has bounced around quite drastically over the last several days and weeks. And at this point in time, it looks like the 1.07 level is a major support level that I think a lot of people will be paying close attention to. The market will be paying close attention to the situation is that this is an area that we’ve seen a lot of push-pull and I think that continues to be the case.

And with that being said, the 1.0750 level above is a potential target with the 1.0650 level underneath as potential support. The euro of course remains noisy due to the fact that the ECB has cut rates recently and there is still a lot of hope out there that the Federal Reserve will finally cut rates. However, until the upper class and the United States starts to feel the pain, rates will remain high despite the fact that it’s absolutely crushing the bottom 80%.

So, with that, we have a situation where I believe that the market just kills time in this area. We’re also in the midst of summer, and summer typically is fairly quiet in the currency markets, and especially so in the Euro dollar, which is one of the quietest markets in the currency markets. This will more likely than not continue to be the case, as there is a serious lack of overall drive at the moment, not only in the EUR/USD pair, but a lot of other markets at the same time. I remain very neutral of this market at the moment.

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