EUR/USD Forecast July 8, 2016, Technical Analysis

The EUR/USD pair fell during the day on Thursday, as we continue to consolidate overall. We have broken down below and uptrend line recently, and have even retested it for resistance. Because of this, I feel there is a significant amount of downward pressure in this market building up. However, today is Nonfarm Payroll Friday, and that means anything can happen. I would not be willing to buy this pair until we break out and above the former uptrend line. As far selling is concerned, I’m willing to sell on signs of weakness as they appear, as I believe the market will probably try to reach towards the 1.09 level below.