EUR/USD Forecast May 1, 2014, Technical Analysis

The EUR/USD pair initially fell during the session on Wednesday, touching as low as 1.3770 by the time we turned back around and close much higher. Part of this would’ve been the Federal Reserve announcing that the quantitative easing program with the slow down a bit. That of course is positive for the US dollar, but at the end of the day we believe that perhaps the market got ahead of itself, and as a result we shot straight back up. We are still in the consolidation area that we have been in for some time now, and as a result we don’t really see much in this chart.