EUR/USD Forecast February 1, 2016, Technical Analysis

The EUR/USD pair fell on Friday, heading back to the 1.08 level. Because of this, it looks as if the market is still in the consolidation area but certainly could be getting ready to break down. The weekly candle was a shooting star that of course is negative, but at this point in time we are not willing to short this market simply because we do have a bit of support just below. We will continue to watch this market, but at this point in time will choose to stay on the sidelines.