EUR/GBP Forecast Today 06/12: Clings To Support (Video)

(MENAFN- Daily Forex)

• The euro has rallied a little bit during the early hours on Thursday as we continue to see a lot of choppy behavior with the euro against the pound.
• The 0.8250 level is an area that has been rather significant support and ultimately, I think this area is something that you need to pay close attention to.
• Not only is it important right now, but it's been important multiple times going back all the way to 2016.

We are on the precipice of perhaps falling apart or perhaps bouncing significantly. We'll just have to wait and see if we do drop down below the 0.8250 level and even the 0.82 level then we have a situation where the market would really start to tank for the euro, you'd probably see the euro tanking against the US dollar as well i do think that's a real possibility here so because of that I'm not willing to throw a huge position on to the upside.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money IF We Break Higher

That being said, if we could recapture the 0.8350 level, then we may get a grind higher. That I don't think would be a quick move, but it is a possibility. I mean, it's something that we've seen previously, but the euro just looks really threatened right now. And if we do break down below the 0.82 area, you could see the market drop all the way down to the 0.76 level before it's all said and done.

Obviously, this would be a huge move and would take quite a bit of time to get there. Ultimately, if that were to happen, I would also anticipate that the Euro would be doing better against the US dollar, and it could be a longer-term“buy on the dips” trend that a lot of people would be following. I don't anticipate this happening, but it is something that you need to keep in the back of your mind.

Ready to trade our daily Forex analysis? We've made this UK forex brokers list for you to check out.
EURUSD Chart by TradingView

MENAFN06122024000131011023ID1108963606