EUR/USD Forecast May 29, 2015, Technical Analysis

The EUR/USD pair initially fell during the course of the session on Thursday, but found enough support to turn things back around and form a hammer. This is the second hammer in a row, and as a result we believe that this market is probably going to head towards the 1.10 level. Having said that, we think that there is a significant amount of resistance at that area, but it looks as if the market is trying to get there. We believe that also if we can break down below the bottom of the hammer from Tuesday, we will break down from there. Above the 1.10 level, this market should then go quite a bit higher.