EUR/USD Weekly Price Forecast – Euro Forms Bullish Weekly Candlestick

Euro vs US Dollar Weekly Technical Analysis

The Euro has rallied significantly during the trading week to show signs of strength and resiliency around the parity level. Ultimately, the Euro is a little oversold at this point, but clearly, there are a lot of problems out there when it comes to the currency and the overall economy. With winter coming, and a lack of energy, the European Union is essentially a “bug looking for a windshield.”

This does not mean that the Euro is going to go to zero immediately or even anytime in the near future. What it does mean is that the Euro is continued to be thought of as a currency that you should be a seller of, and therefore I’m waiting for rallies to fade. We could drop from here, but I think at this point it is more likely than not going to be a scenario where we would see signs of exhaustion jumped upon, as traders will look for “cheap US dollars.”

The 1.03 level above could be a bit of the ceiling, and based upon the candlestick on Friday, it is possible that we may get a little bit of a relief rally. I do not think that we are anywhere near seeing some type of change in attitude, and therefore I think it is probably more likely than not going to be a scenario where we may stabilize a little bit, but overall, this is a market that does not change its trend anytime in the near future, and we would probably need to gain about 5 handles even have that conversation. In the meantime, I will step back and let value present itself.

EUR/USD Price Forecast Video 12.09.22

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