EUR/USD Forecast February 2, 2016, Technical Analysis

The EUR/USD pair broke higher during the course of the session on Monday, as we continue to consolidate overall. We believe that the 1.08 level below is essentially the floor when it comes to this trading range, and that the 1.10 level above is the ceiling. The meantime, we fully anticipate that this market will simply go back and forth, and that it’s more than likely will continue to be very volatile. We prefer to sit on the sidelines at the moment, as there is no clear direction currently, however if you have the inclination to trade ultra-short-term charts, this could be a decent market to be involved in.