Euro still negative – EURUSD Forecast

Intermediate
  • A further shift towards a “risk off” theme Wednesday after a similar move Tuesday, with global stock averages selling off and the US Dollar rallying against most major currencies, as a “safe haven” currency.
  • This has been driven by concerns of second wave of infections and deaths from the COVID-19 coronavirus, in the wake of global economies starting to emerge from lockdown.
  • Plus, Wednesday’s speech by Fed Chairman Powell was somewhat downbeat on the US economy.
  • Here we look at the negative tone for the Euro as displayed by the EURUSD Forex rate, from a technical analysis perspective with our EURUSD forecast.
  • Also see our bigger picture article, Forex Zone: Intermediate-term Euro forecasts – broadly bearish, here including EURUSD, EURJPY, EURGBP, EURCHF, EURSEK and EURNOK forecasts

EURUSD day trade outlook: A negative bias

A Wednesday failure from just above our 1.0885 resistance, from 1.0896, to hold onto a negative tone from the early May selloff from 1.1019 down through various supports, to keep the risk lower into Thursday.

  • We see a downside bias for 1.0782, then 1.0764; a break below maybe aims for key 1.0725/18.
  • But above 1.0896 targets 1.0926, maybe even towards 1.0949.

EURUSD intermediate-term outlook

The early April selloff below 1.0782 set an intermediate-term bear trend.

  • Downside risks: We see an intermediate-term bear trend for 1.0633 1.0500, 1.0340, maybe 1.0000.
  • What changes this? Above 1.1039 sees an intermediate-term shift from bearish to neutral, and above 1.1147 to an intermediate-term bull trend.

4 Hour EURUSD Chart

eurusd chart

Editor in chief

Steve Miley is the Market Chartist and has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Mar... Continued

Comment on this video

Your email address will not be published. Required fields are marked *


Latest Related News

Dollar switches trend to up

US Dollar Index aims higher (DXY forecast)Euro breaks down - EURUSD forecastMajor negatives appear on Pound (GBPUSD forecast) and Aussie (AUDUSD forecast) Continued

Global Markets Outlook 2021

Initial Parameters: Chart analysis is technical and taken from medium-term historical patternTechnical projections based on a twelve-month time horizonTargets set are based on the most recent, significant technical adjustmentAnalysis is based on Elliot Wave and Fibonacci techniquesTechnical analysis only guides; exogenous factors can shock any marketMarkets, being capricious, forecasts are subject to revisionFundamental analysis can be commissioned on requestEquity sector analysis is thematic United States… Continued

Markets end 2020 in “risk on” mode

Macroeconomic/ geopolitical developments Trump finally signed the $900 billion COVID relief bill, a relief for markets.The EU-UK trade deal finally got done over the holiday season and was implemented at the end of 2020.Europe and the USA are still seeing aggressive increases in the numbers of cases, hospitalisations and deaths from COVID-19, as the new variant first identified in the UK is now being seen… Continued

Fresh lows on the US Dollar Index (DXY forecast)

Bull breakout on Euro (EURUSD forecast) Pound surges, breaks out (GBPUSD forecast) Aussie bull signal (AUDUSD forecast) US Dollar-CAD downtrend ends (USDCAD forecast)  Continued

Dollar Breaks down, Euro Breaks up – DXY and EURUSD forecasts

Dollar Index now showing a trend extreme. (DXY forecast)Pound reaches major upside target (GBPUSD forecast)Dollar Yen posts positive (USDYEN forecast)Dollar CAD breaks down (USDCAD forecast) Continued

Forex Brokers in your location


SIGN UP

72% of retail investor accounts lose money when trading CFDs with this provider.


SIGN UP

74-89% of retail investor accounts lose money when trading CFDs with this provider.


SIGN UP

75% of retail investor accounts lose money when trading CFDs with this provider.


SIGN UP

76.4% of retail investor accounts lose money when trading CFDs with this provider.