EUR/USD Forecast January 22, 2015, Technical Analysis

The EUR/USD pair broke higher during the course of the session on Wednesday, but found enough resistance above to turn things back around and form a shooting star. That shooting star of course is a negative sign but we need to get a fresh, new low in order to start selling again. The alternative of course is to sell short-term rallies as they appear, which seems to be working as well. Anyway, we have notched in buying this market as we believe that there is a significant amount of resistance at the 1.18 handle.