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EUR/USD Price Forecast – Euro Continues to Grind Higher

The Euro rallied a bit during the trading session on Friday as we continue to see strength, although in a relatively illiquid environment. With this being said, it is worth paying attention to the fact that the 1.19 level is the beginning of significant resistance at the 1.20 level above. This is an area that should continue to be important and worth paying attention to, so one would have to think that it is only a matter of time before we have to make a bigger decision. If we can break above the 1.20 level, the Euro would of course be officially broken out.

EUR/USD Video 30.11.20

On the other hand, we could pull back but I think pullbacks at this point in time will more than likely continue to be buying opportunities as the US dollar continues to be picked on due to the fact that the Federal Reserve is flooding the markets with liquidity. Pay attention to the US Dollar Index, as the 92 handle has been very crucial, at least as far as longer-term support is concerned. With this, one should continue to keep an eye on the overall trend, and of course what is going on with Brexit which could have a bit of an influence on the Euro as well. To the downside, the 50 day EMA sits at the 1.18 level so I think that could be a bit of a floor in the short term.

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I do like the idea of buying these dips as they occur, as I believe buying up at this area is very difficult to do at this point, as we are getting slightly stretched and it would be buying right into the resistance barrier.

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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