EURUSD: Weekly Forecast 20210620
The dollar climbed the most in 15 months and the EURUSD tumbled amid a hawkish Fed that signals to tighten monetary policy.
EURUSD fell from a range top and has broken the bottom of a 3-month rising channel together with the 262 ma.
The short-term sentiment for EURUSD has turned bearish but is also extremely oversold and a strong pullback is inevitable.
This week, we expect EURUSD to quickly find support and pull back towards the equilibrium level near 1.20.
We will only look to sell after the pullback and mainly target the bottom of the current range around 1.80 with strong demand.
If the price continues to go lower, we expect it to reach 1.1650, completing an ABC corrective wave.
EURUSD fell from a range top and has broken the bottom of a 3-month rising channel together with the 262 ma.
The short-term sentiment for EURUSD has turned bearish but is also extremely oversold and a strong pullback is inevitable.
This week, we expect EURUSD to quickly find support and pull back towards the equilibrium level near 1.20.
We will only look to sell after the pullback and mainly target the bottom of the current range around 1.80 with strong demand.
If the price continues to go lower, we expect it to reach 1.1650, completing an ABC corrective wave.
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