EUR/USD Forecast January 17, 2017, Technical Analysis

The EUR rallied during the day on Monday, but found enough resistance at the 50-day exponential moving average to turn around and form a less than spectacular candle. I believe that the market is going to continue to drop from here, perhaps reaching towards the 1.05 level. That area should be supportive, but I think in the short term that’s where were going. I believe that the 1.07 level above is massively resistive in the downtrend should continue. There are far too many questions about the vitality of the European Union at the moment for me to become for buying.