EUR/USD Price Forecast — Euro Looking to Bounce

Euro vs US Dollar Technical Analysis

The Euro initially pulled back just a bit during the trading session on Friday, but then turned around to break back above the parity level as the world was waiting for Jerome Powell to speak at Jackson Hole. Ultimately, this is a market that I think continues to see a lot of noisy behavior, but I think this rally could be very strong in the short term, I will be more than willing to short this market on any signs of exhaustion. After all, the market is likely to continue to see volatility, and therefore the best thing you can probably do is let the market recover a bit, and then take advantage of the overall trend.

The market could go as low as the 0.98 level, but it doesn’t have to get there in a straight line. The 50-day EMA above almost certainly will offer some type of resistance, so pay close attention to that as well. Quite frankly, I would love to see some type of spike that I can take advantage of. If we break above the 50-day EMA, then it will more likely than not open up the possibility of a test of 1.0350 above, and then the 1.05 level after that.

It’s difficult to pick bottoms in the market, and as a result, you need to be very cautious about trying to buy this pair, because quite frankly we would need to see the Fed completely change its overall attitude, and Europe gets its act together when it comes to energy this winter. I look at this as a gift, and will hang about and wait for a nice opportunity as I have done over the last several months.

EUR/USD Price Forecast Video for 29.08.22

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