Yahoo Finance EUR/USD Price Forecast – Euro Continues to Pressure Support
The Euro fell again during the trading session on Monday as we see a lot of negative pressure on the European Union itself. As we are seeing major ramifications of energy policy shifts over the last couple of years. With a lack of energy for manufacturing, Europe suddenly finds itself in a bit of a pickle. The European union continues to suffer major supply shocks, and not just in the energy sector. Because of this, the economy is grinding away, meaning that money is flowing back into the US bond market as yields rally there as well.
EUR/USD Video 28.09.21
With all this being said, if we can break down below the lows of the last couple of days it is likely that the market goes looking towards the 1.16 level underneath, an area that has been important more than once. Because of this, I do think that short-term rallies will continue to show significant exhaustion that people will take advantage of. With this being the case, the market is very likely to see noisy behavior, but more or less a continuing to grind lower.
It had been rather noisy over the last couple of days, and at this point in time it looks like we are finally trying to make up our minds for a bigger move. At this point, the 1.16 level should be rather supportive, but if that were to break down then the market is very likely to go looking towards 1.15 level after that. On the other hand, if we were to break above the 1.1750 level, then the Euro may make a run towards the 50 day EMA.
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This article was originally posted on FX Empire
