EUR/USD Forecast May 5, 2016, Technical Analysis

The Euro tried to rally during the day on Wednesday, but struggled above the 1.15 level again. By doing so, we ended up forming a bit of a shooting star and it looks as if we may need to drift a little bit lower in order to entice buyers back into this marketplace. On the other hand, if we do not drift lower and we simply break higher and above the top of the shooting star for the session, we believe that the market will then try to go much higher and reach towards the 1.16 level yet again.