EUR/USD Forecast February 10, 2014, Technical Analysis

The EUR/USD pair initially fell during the session on Friday, but as you can see bounced high enough to form a relatively strong looking hammer. Granted, it’s not a perfect hammer, but it is enough to make us think that the market will indeed aim for the 1.37 level next. If we can get above there, we think that there is a significant amount resistance all the way up to the 1.38 handle, so regardless what happens in the near term, we believe that this market is going to continue to be choppy.