EUR/USD Weekly Price Forecast – Euro Continues to See Support

Euro vs US Dollar Weekly Technical Analysis

The Euro has been very choppy during the trading week and as you can see the market has seen quite a bit of noisy behavior. In general the 1.12 level above is a significant barrier that a lot of people will be watching closely due to the fact that it has been a swing high previously, and after that we could go looking to the 1.15 level. This is an area that I think would end up being very interesting to pay attention to, as there would be a lot of options traders in that neighborhood providing some type of barrier.

If we pull back from here, it’s likely that the 1.10 level ends up being a major support level, and I do think that traders would be willing to get involved at that point for value. Anything below the 1.10 level opens up a move down to the 1.08 level. I believe at this point in time, the market continues to be noisy, but I also believe that it’s more neutral than anything else, at least until we break above 1.1250.

At that point, things get a little bit more interesting. But really, when you look at the chart, the one thing that you probably take away from it is that we are essentially just going back and forth. And we’re mainly just at the top of the overall range that we had been in for about 20 months.

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