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EUR/USD Technical Outlook: Euro Could Squeeze Higher

EUR/USD Technical Outlook: Euro Could Squeeze Higher

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EUR Forecast
EUR Forecast
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EUR/USD Technical Highlights:

  • EUR/USD trend is clearly lower but squeeze higher
  • Watch the developing falling wedge on the 4-hr chart

The EUR/USD is clearly trending lower and at its worst levels since July 2020, but there is potential for it to undergo a corrective rally if the developing falling wedge has any say in it. Ideally, the pattern forms out a little more before triggering, but could soon signal would-be longs looking for a recovery and shorts who are looking to lock in shorter-term gains.

Overall, the broader trend is lower and there is room to go before a decades long trend-line is tagged around the 11000 mark. For now, though, the focus is on the 4-hr chart and we’ll take it from there.

For the full details, check out the video above.

EUR/USD Daily Chart

EUR/USD Daily Chart

EUR/USD 4-hr Chart

EUR/USD 4-hr chart

EUR/USD Charts by TradingView

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Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.