EUR/USD Forecast February 5, 2016, Technical Analysis

The EUR/USD pair broke higher during the course of the day on Thursday, as we have completely cleared the previous resistance barrier for the consolidation area. With that being the case, the market looks as if it is already starting to make up its mind, and that it should go much higher. Pullbacks at this point in time should be buying opportunities, as the 1.1050 level should now be an area where buyers return as it was so resistive previously. Keep in mind that today is Nonfarm Payroll Friday, so it’s likely that we will see quite a bit of volatility either way.