EUR/USD Forecast January 24, 2017, Technical Analysis

The EUR/USD pair rallied at the open on Monday, reaching towards the 1.0750 level above. That’s an area where we would see quite a bit of resistance, and on top of that we have the 100-day exponential moving average. Because of this, there is a high probability that the sellers may get involved. If we can break down below the bottom of the candle during the session on Monday, then the market should continue to show a longer-term bearish pressure. Alternately, if we close above the 100-day exponential moving average, I believe at that point the buyers may take over and try to reach towards the 1.0850 level.