EUR/USD Forecast Video for 14.08.23
Euro vs US Dollar Weekly Technical Analysis
The euro has gone back and forth during the course of the trading week, as we continue to look to 1.10 as a bit of a magnet for price. All things being equal, it’s worth noting that the 200-Week EMA sits just above, and that of course is a technical indicator that a lot of people pay close attention to. If we can break above it, which is extensively the top of the weekly candlestick, then it’s possible that the euro could go looking to the 1.1250 level.
Underneath, the 1.09 level offers support, and therefore it should not be a huge surprise that we continue to see buyers jump in and get involved in this region. That being said, if we were to break down below there then we could threaten the 50-Week EMA, which of course is also a widely followed technical indicator. Anything below that level would be very negative for the euro, and probably going to be negative for most other assets as well, as people running to the US dollar generally means bad things are happening.
In general, I think this is a market that is easier to trade from short-term perspectives, but it does look like the buyers are probably a little bit more aggressive than the sellers are. If we can break out to the upside, clearing the 1.1250 level allows the market to go looking to the 1.15 level, but that obviously would take some type of momentum, and perhaps a fundamental shift attitude or perhaps some type of statement coming out of the central banks. As things stand right now, we are simply spinning our wheels.
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This article was originally posted on FX Empire
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