$EURUSD is attempting to recover. Trade here: Forex Trading
The European Central Bank has started talking about tightening and did make an interest rate hike previously. The European Union has a whole host of issues that the United States simply does not have, so it is going to be difficult to think that the European Union is a place that you want to be investing in right now.
However, the Fed is also expected to stay tight for much longer, and therefore higher elevated interest rates should be a factor going forward.is sitting just above the 1.0350 level, and just below the 1.04 level. That’s an area that I think is going to be difficult to get above, but if we could do that, then you would have to simply follow the market because at the end of the day it’s the price that matters.
On the downside, I suspect that the 1.01 level would be an area that is targeted, possibly the 50-Day EMA which sits just above the parity level. Parity obviously has a certain amount of psychology attached to it, so I think it will cause a little bit of noisy behavior back and forth. If we break down below there, then obviously the Euro will be in serious trouble. Ultimately, this is a market that I think will be noisy, but I’m still looking for a selling opportunity.
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