The Euro has gone back and forth during the trading session on Tuesday as traders came back to work in the United States. That being said, the market has been hugging an uptrend line for some time, and it looks like we are going to continue to see more of a grind higher than anything else. It is worth noting that the trend has been higher for quite some time, and the fact that we continue to find interest in the Euro near the 1.18 level suggests that the “floor is rising” in this market.
EUR/USD Video 09.09.20
Even if we do break down from here, I anticipate that the 1.17 level will attract a certain amount of attention, so therefore it is worth paying attention to that as well. To the upside, the 1.20 level will continue to offer significant amount of resistance, and I think at this point it is likely that there will be sellers there as well. However, if we can finally break above the 1.20 level, the market will shoot to the upside and continue the overall uptrend that we have seen for quite some time.
That being the case, I do like the idea of buying dips along the way, as we should see plenty of interest in joining the overall long-term trend and of course the Federal Reserve continues to work against the value of the US dollar. That being said, it does not mean that is going to be easy, and of course it is going to be very noisy in general. That being said, I anticipate that this market will make another run towards the 1.20 level given enough time.
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