EUR/USD Forecast 09/11: Euro Eyes 1.1000 (Video)
(MENAFN- Daily Forex) The euro has fallen against the U.S. dollar on Friday, as the employment report in the United States was much stronger than anticipated. With an addition of 165, 000 jobs, it was 100,000 more than expected.EUR/USDThe euro has fallen rather significantly against the U.S. dollar during trading here on Friday, as the United States surprised with a reading of 165,000 jobs added last month instead of the anticipated 65,000.Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money Ultimately, this is a market move that I think continues the overall downward pressure anyway. Quite frankly, the interest rate differential still favors the United States. The European Central Bank has stated that it doesn't really know what it's going to do next, and the Federal Reserve is expected to raise rates in December at longer-term charts, the 1.10 level is a targetUltimately, this is a market that I think you continue to fade rallies, and it looks like the 1.1250 level continues to offer a bit of a barrier. Looking at longer-term charts, the 1.10 level is a target, I think, for short sellers. This will more likely than not be the attitude going forward overall.
The interest rate differential continues to put pressure here, but you also have to pay close attention to the energy situation in Europe, which could be rather dire this winter. We're already starting to see natural gas quadruple in price.
EURUSD Chart by TradingViewThe market rallying above the highs earlier this week could send it looking toward the 1.1350 level, but we need to clear that for me to even think about buying the euroRight now, this is a downtrend that makes a lot of sense, and I think it will continue going forward. Anytime we rally, I have an interest in shorting. I have no interest in buying, at least not until we can break above that 1.1350 level.Ready to trade our EUR/USD analysis and predictions? Here are the best European brokers to choose from.
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