EUR/USD Weekly Price Forecast – Euro Forms Choppy Candlestick

Christopher Lewis
·2 min read

The Euro has gone back and forth during the course of the trading week to form a bit of a neutral candlestick, as we are sitting just above the crucial 1.17 handle. This area has been significant support, which is likely to be a major factor in the markets going forward. At this point, the 1.16 level would be a target if we break down, but at the same time if we break to the upside of the candlestick, we could go looking towards 1.1850 level.

EUR/USD Video 27.09.21

The market is going back and forth, showing signs of hesitation. At this point in time, the market is likely to see a lot of attempts to find clarity, but at the end of the week we have seen very little in the way of decision. Ultimately, this is a market that continues to see a lot of choppy and hesitation when it comes to making a bigger move, but that is not a huge surprise when it comes to the market, as it tends to be very choppy in general. If we break down below the 200 week EMA, then it is likely that we go much lower.

To the upside, the 1.1850 level has been resistance, and if we can break above that level, then the market could go looking towards 1.20 handle. This is all about the US dollar, so you need to pay close attention to how is behaving against other currencies get an idea as to where we are going next in this pair. Quite frankly, this is a difficult paired to trade from the longer-term standpoint, but when you look at the chart, you can make an argument for a bit of a topping pattern.

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This article was originally posted on FX Empire

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