EUR/USD Forecast February 20, 2014, Technical Analysis

The EUR/USD pair fell during the session on Wednesday, retracing back some of the gains from the Tuesday session. It was in this area that we and anticipated the market would struggle, and quite frankly we would not be surprised at all to see a significant pullback. However, we don’t have the setup to start selling, and we believe that the 1.37 level could in fact offer enough support to cause another bounce. That being said, we are on the sidelines as we think this market will continue to be somewhat choppy between here and 1.38 as there has been so much noise in this area previously.