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The Euro's Going Higher

Published 04/24/2017, 01:17 PM
Updated 05/14/2017, 06:45 AM

Since the start of 2017, the euro has been climbing higher against the U.S. dollar. On January 3, EUR/USD traded as low as 1.034. Today, the pair is trading around 1.0865. The EUR/USD has been making higher lows on the daily chart, which is usually a sign of higher prices to come.

How high is EUR/USD going to trade? The current chart pattern signals a potential move in the EUR/USD to around the 1.1040 level. This should complete the rally that started in January. This level should also lead to a very good shorting opportunity. Traders that want short the EUR/USD can use the ProShares UltraShort Euro (NYSE:EUO). The downside target for EUR/USD is for a move to the 1.02 level.

EUR/USD

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