EUR/USD Forecast September 6, 2017, Technical Analysis

EUR/USD daily chart, September 06, 2017

The EUR/USD pair went sideways initially during the session on Tuesday, but as Americans came back to work, they started buying the EUR. We are now reaching towards the 1.20 level above again, which of course is going to offer a bit of psychological resistance. Perhaps this is just a turnaround of the “risk off” attitude that the rest of the world has had, but it appears that the Americans are willing to go “risk on” in the currency markets. We see the US dollar falling everywhere, so of course the EUR/USD pair will attract money. If we can close above the 1.20 level on a daily close, I think that the market can go higher over the longer term, and I still have a longer-term target of 1.25 above.

Pullbacks continue to be buying opportunities, and eventually I think that we will get another impulsive move higher. However, keep in mind that the 1.20 level is of course very significant. There could be several opportunities going forward, but patience will be needed for those pullbacks to give you an idea as to when you should be involved.

Written by FX Empire