EUR/USD Forecast May 6, 2014, Technical Analysis

The EUR/USD pair did very little during the session on Monday as the markets were content to sit just below the 1.39 level. It is at that area of that we start to see significant resistance, so it’s not a big surprise that we didn’t really make much headway. Nonetheless, we believe that this market will ultimately have to pick a direction, and there certainly seems to be a significant amount of support below. With that in mind, we believe that this market will more than likely try to breakout, but it is going to take a significant question higher.