EUR/USD Forecast February 24, 2017, Technical Analysis

The EUR/USD pair broke higher during the day on Thursday, clearing the top of the hammer from the Wednesday session. I believe that the market is going to continue to try to bounce as the 1.05 level below offers quite a bit of support. However, I think the 50-day exponential moving average, pictured in red, should continue to be dynamic resistance. Alternately, if we break down below the 1.05 level, the market should continue to break down to the 1.0350 handle. Ultimately, a lot of people are trying to punish the EUR for the possibility of election volatility.