EUR/USD Forecast – Euro Threatens Resistance

EUR/USD Forecast Video for 11.01.23

Euro vs US Dollar Technical Analysis

The Euro initially tried to rally during the Tuesday session, but it looks as if it is running out of steam near the crucial 1.0750 level. This is an area that has been resistance multiple times, so should not be a huge surprise to see that it has in fact offered a bit of a brick wall. By doing so, it looks like we are heading back into the consolidation area, as we wait for a couple of indicators this week to give us an idea on US inflation and the Federal Reserve’s plans going forward.

Looking at this chart, I do think that it’s more likely than not that we would pull back toward the 1.06 level, but we will have to wait and see how that plays out. After all, the market is very noisy to say the least, and it’s also possible that we have the 1.06 level acting as a bit of a magnet. Also, there seems to be a lot of confusion as to what the Federal Reserve is going to do, because quite frankly the market refuses to listen to what they say.

After all, the market is likely to continue to see a lot of noisy behavior as people try to figure out where the future outlook of the central bank lies. At this point, it’s more of a “type for longer” type of situation, but whether or not the markets going to pay attention is a completely different and open question at this point. If we break above the 1.0750 level, could send this market much higher. In the short term, a pullback looks imminent.

For a look at all of today’s economic events, check out our economic calendar.