EUR/USD Weekly Price Forecast – Euro Trying to Find Base

The Euro bounce a bit during the course of the week, as the 1.20 level has offered significant support. Having said that, we probably need to continue to see a bit of a basing pattern, and therefore I think it is likely that we just chop around in this 300 point range more than anything else. After all, the European Union is going to continue to be looked at with a certain amount of skepticism due to the vaccine rollouts been relatively disastrous. Furthermore, we have lockdowns in the European Union the people will focus on as well.

EUR/USD Video 15.02.21

On the other hand, the United States is also seen higher rates in the 10 year note, so that makes the US dollar little bit attractive. Having said that, the idea of the reflation trade and the massive amount of stimulus coming out the united states could put upward pressure in this pair. In other words, this is a market that is going to continue to be very choppy and noisy, and with that being the case I believe that you should be looking at the 300 point range as the entire Plainfield at the moment.

All things being equal, this is a market that should continue to be very noisy but in general I think that we are looking towards the upside overall. In general, I think that we will eventually try to go higher but the European Union needs to get its act together first. We tend to see a lot of choppy behavior and sideways ranges in this market, and I think that is just more of what is ahead.

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