EUR/USD Forecast August 12, 2016, Technical Analysis

EUR/USD pair initially fell during the course of the session on Thursday, but turned around to form a hammer. The hammer of course suggesting that we are going to continue see bullish pressure. However, I don’t like the idea of going long the Euro against the US dollar at the moment as there are too many problems in the European Union. I think that if we do bounce from here, we won’t be a lot of break out to the upside and with that being the case it is more than likely going to be an opportunity to short this market from a higher level.