EUR/USD Forecast 13/11: Euro Recovery Fails (Video)

(MENAFN- Daily Forex) The euro continues to fight against the U.S. dollar but continues to fail to hold any real gains. This is a market that looks vulnerable, to say the least, at this point.

EUR/USD

The euro tried for several hours this morning to simply stabilize and just hang around the 1.11 level. However, it has failed since then, and it now looks like selling pressure may increase.

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This does make a certain amount of sense, as the ECB is somewhat noncommittal about its monetary policy while the Federal Reserve is almost certainly raising rates in December, keeping that interest rate differential there. The momentum of the market is to the downside, and again, it makes sense as you get paid at the end of every day to be short euros against the U.S. dollar.

One-sided, for now it seems

I really don't have any interest whatsoever in trying to buy the Euro. In fact, as things stand right now, I really don't have any interest whatsoever in trying to buy the euro, at least not in this condition. I would need to see, at bare minimum, the 50-day EMA taken out to the upside for me to think that perhaps it might be time to start buying.

EURUSD Chart by TradingView

What I would actually prefer is for real rates in America-the difference between what bonds pay you and inflation-to shrink, because right now you're actually getting a real return off bonds, something that has not been seen very much in the last 20 years or so. This is somewhat of a new paradigm for traders that are relatively young and new at this game, and I think they're learning valuable lessons

Rallies at this point in time continue to be selling opportunities from everything I see. I will not be a buyer anytime soon, and it would not surprise me at all to see the euro go searching for the 1.10 level below.

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