EUR/USD Price Forecast – Euro Shoot Straight Up In the Air

The Euro has shot straight up in the air during the trading session on Friday to reach towards the 1.13 level. At this point in time, the market is likely to see a lot of noisy behavior, especially as this has been a “rip your face off rally” in a downtrend, and therefore it does make a certain amount of sense that we would see people get out of the way. That being said, I am waiting to see some type of exhaustive candlestick that I can get involved in, shorting the Euro yet again. After all, the Euro has a whole host of reasons to be bearish, and that is not going to change just because of low liquidity.

EUR/USD Video 29.11.21

Looking at this chart, I believe that we still are going to go looking towards the 1.10 level given enough time, but it is probably going to take a while to get there. All things been equal, the market is likely to see plenty of sellers heading into the year, but we had gotten so overdone that this bounce is necessary. The 1.15 level above continues to be a major ceiling in the market, and therefore think you need to keep an eye on that level as the 50 day EMA is starting to cross below it. All things been equal, this is a market that I have no interest in buying, although I do recognize that this has been a very significant turnaround for the short term.

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