Check out today's EURUSD Forecast- forextrade forextrading
as it had offered support previously, and of course we have the 200-Day EMA sitting just above there that could offer a significant amount of resistance. If we were to break above there, then it’s possible that the market could go to the 1.06 level next. However, at the first signs of exhaustion, I think it’s likely that we will continue to see plenty of sellers. The 1.01 level underneath is likely to continue to be a significant area that’s worth paying close attention to.sits just below the 1.
Ultimately, I think we’ve got a scenario where you can see a lot of volatility in this area, so be careful with what her position sizes, are because markets can be out of control much longer than you believe. After all, there’s no real reason for the Euro to be rallying, yet here we are. At this point, if we break above the 200-Day EMA rather significantly, then you must start looking at the potential of a bigger and longer-term correction. I am more than willing to start selling at the first signs of exhaustion in a market that quite frankly still has to look at the European Union with disdain.
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