EUR/USD Forecast May 24, 2016, Technical Analysis

The EUR/USD pair initially tried to go higher on Monday, but turned back around to form a slightly negative candle. The area just below the 1.12 level is massively supportive, and as a result it makes sense that the pair essentially just stopped in this area. The market breaking above the top of the candle for the session on Monday would be reason enough to start buying, so I think that the market moving up there would bring in a lot of buyers. On the other hand, if we break below the 1.1150 level, the market should reach towards the 1.10 handle sooner or later.