EUR/USD Forecast January 6, 2017, Technical Analysis

The EUR/USD pair rallied on Thursday, as we broke above the 1.05 level. In fact, the Euro looks rather strong, but I recognize that the 1.07 level above as a bit of a “ceiling” in this market, and sooner rather than later we will have sellers return. I believe that the Nonfarm Payrolls announcement could be a catalyst for selling, and a continuation of the longer-term selling that we have seen. If we broke above the 1.0750 level, I would be inclined to start buying, but until then I must believe that not much has changed.