EUR/USD Weekly Price Forecast – Euro Gets Crushed
The Euro has broken through the 1.17 level, an area that had been supportive in the past and perhaps we are looking at a scenario where we had just gotten far too in too short of an area, and as we have been looking at this chart over the last several weeks, it has been showing signs of a lack of momentum. Whether or not we can continue the uptrend is a completely different question, and right now I do not think it happens in the short term. This candlestick of course shows a sudden change in direction, and I think we need to test lower areas in order to find buyers again, especially as we are concerned about the European Union with its coronavirus numbers and the economic numbers simply do not look well.
EUR/USD Video 28.09.20
Rallies at this point in time will be looked at with suspicion, until we can get a weekly close above the 1.17 level and even then, I will have to take a look at the overall macroeconomic conditions. Overall, I believe that the 1.15 level will offer support, but if we were to break down below there then the next support level is closer to the 1.1350 level. All things being equal, I think this is a pair that does need to go lower but that does not mean that we are going to be falling apart right away. The pair tends to be choppy and noisy most of the time, so therefore I would not expect anything different from this pair. As we go into the weekend, I think we have clearly seen a “shot across the bow.”
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This article was originally posted on FX Empire
