EUR/USD Forecast August 2, 2016, Technical Analysis

The EUR/USD pair went back and forth during the course of the session on Monday, testing the 1.12 level for resistance. This being the case, it’s likely that we will find sellers, but at this point in time it doesn’t look like we are willing to make any real serious move at this point in time. I want to see some type of exhaustion near that I can sell, because quite frankly I think the turnaround has been a bit overdone. It’s not until we break above the top of the uptrend line that we previously broke down through that I would consider buying.

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