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EUR/USD Price Forecast – Euro Continues to Face Brick Wall

Christopher Lewis
·1 minuto per la lettura

The Euro continues to see the 1.19 level as major resistance, and therefore it is worth paying attention to. Over the last several sessions, we have approached that level only to pull back. Tuesday was no different, and therefore it should not be a huge surprise that we find ourselves in somewhat of a neutral stance. I do think that given enough time this is a market that will eventually have to make a decision, and it certainly looks as if there is an attempt to build up pressure underneath.

EUR/USD Video 25.11.20

However, a lot of this will come down to whether or not we are more “risk on” or perhaps more “risk off.” That being said, the market is likely to continue to see a lot of noisy trading, as there is the vaccine hopes out there, but at the same time we have rolling lockdowns when it comes to economies. Obviously, Britain and the European Union job owning each other is going to continue to make this very noisy situation as well. With that being the case, I believe that we are essentially stuck in this area and the fact that it is Thanksgiving week certainly does not help the situation either.

With that being the case, I think we continue to fade near the 1.19 level as I see that resistance is running all the way to the crucial 1.20 level. As far as buying is concerned, I would be much more interested in doing so closer to the 1.18 handle just below.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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