EUR/USD Forecast May 6, 2016, Technical Analysis

The EUR/USD pair fell significantly during the course of the session on Thursday, as we broke down below the bottom of the shooting star from the previous day. However, there is a significant amount of support near the 1.14 level, and as we approach the Nonfarm Payroll announcement, it’s likely that the volatility should pick up. With that being the case, it does seem to be quite a bit of support just below so it is probably only a matter of time before we turn around, but going into the announcement it’s difficult to place a position on ahead of time.