EUR/USD Forecast February 10, 2017, Technical Analysis

EUR/USD daily chart, February 10, 2017

The EUR/USD pair fell during the day on Thursday, breaking below the 50-day exponential moving average. If we can break below the hammer from the Wednesday session, I believe that the EUR/USD pair will continue to drop and reach towards the 1.05 level. I don’t have any interest in buying now, because I believe that there is a significant amount of resistance above at the 1.0750 level. With this, it will either be choppy or negative. Either way, it will be volatile, as the EUR/USD pair typically is. Short-term trading is probably as good as this gets.

Written by FX Empire