EUR/USD Weekly Price Forecast – Euro Continues to See Moves From One Big Figure to Another

Euro vs US Dollar Weekly Technical Analysis

The Euro initially tried to break above the 1.12 level for the week, only to fall apart and start falling again. With that being said, the market is likely to continue to be very noisy. And with this, I think we have a situation where we are going to continue to see a lot of volatility. But if we break down from here, the next level would be the 1.10 level. After all, this is a market that seems to go from one large figure to the next. And I just don’t see that changing anytime soon, as it seems like it is somewhat “stuck” in a repeated pattern. Also, you need to be cognizant of the fact that the volume is often somewhat lackluster this time of year as well.

Granted, the euro did rally quite significantly over the course of the last several months, but it’s also just a bit overdone. And furthermore, you also have to keep in mind that both of these central banks are going to be loose with their monetary policy. So, I don’t necessarily think that we are going to have a situation where the market’s just going to take off in one direction forever. Both of these central banks being loose with monetary policy means that we will continue to chop back and forth and look for some type of directionality. But right now, I think we’re just somewhat floundering and you have to look at this as a massive consolidation area.

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