EUR/USD Forecast: Euro Breaks Out to Kick Off Week

during the trading session on Monday, but it is a countertrend rally to say the least. After all, the euro is going to continue to struggle against the greenback based on the fundamentals and momentum more than anything else. Ultimately, this market will continue to be noisy, but it is coming from a major oversold level, so a bounce like this does make a certain amount of sense.That being said, the 50-day EMA sits just above and is causing quite a bit of potential resistance.

Even if we were to continue rallying from here, the 1.08 level should be significant resistance, as it had been significant support previously. “Market memory” should come into the picture and I think a lot of traders will be looking to get involved in that area, assuming that we can even get that aggressive to the upside.

On the downside, if we were to break down below the 1.05 level, it is likely that we would see the euro continue to meltdown. After all, even though we have seen such a significant move over the last 24 hours, it is still a market that has been extraordinarily negative for quite a while, and these things do not change overnight.

The fact that we are closing towards the top of the range for the day does suggest that perhaps we have a little further to go before the weight of the overall trend exerts itself yet again.

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