EUR/USD Forecast May 25, 2015, Technical Analysis

The EUR/USD pair initially rallied during the session on Friday, testing the 1.12 handle. However, the market turned back around and fell hard, crashing into the 1.10 level. With that, it appears that the market is testing significant support. This was an area that was significantly resistive in the past, but the fact that we close towards the bottom of the range is a bit concerning. With this, the market looks as if it is ready to make a decision, but we will wait until we get the next daily candle in order to place that trade. This is especially true considering that it is Memorial Day in the United States.