EUR/USD Forecast July 16, 2015, Technical Analysis

The EUR/USD pair initially tried to rally during the course of the day on Wednesday, but found the area above the 1.10 level to be a bit too expensive. Because of this, we ended up falling but we see support all the way down to the 1.09 handle. With this, we are looking for supportive candles in order to serve buying, but certainly do not have that yet. We have no interest whatsoever in shorting this market until we get below the 1.09 level, which at that point in time we think things would get rather ugly.