EUR/USD Forecast February 1, 2017, Technical Analysis

The EUR/USD pair broke higher during the Tuesday session, reaching above the 100-exponential moving average late in the session. There is a significant amount of bullish pressure underneath, so given enough time the market should then reach towards the 1.10 level above. I have no interest in shorting this market until we breakdown below the 1.07 level, or if we form some type of massive exhaustive candle. Currently, looks as if the Euro will continue to gain against the US dollar, at least in the short term as this breakout is a very bullish sign.

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