EUR/USD Forecast January 16, 2017, Technical Analysis

The EUR/USD pair initially tried to rally on Friday, but fell just as it did on Thursday, forming a shooting star again. Because of this, I believe that the short-term move to the 1.05 level is more than likely what we are going to see. Alternately, if we can break above the 1.0790 level, the market will probably go higher. Ultimately though, I believe that the longer-term downtrend continues in general, and with that being the case selling pressure should continue to present itself. Regardless what happens, it’s a very volatile situation just waiting to happen.