EUR/USD Forecast February 27, 2017, Technical Analysis

The EUR/USD pair initially tried to rally on Friday but found enough resistance to turn around and form a shooting star. This is a very bearish looking market overall, but on the weekly chart we had formed a couple of hammers. Because of this, I think we will continue to chop around and show quite a bit of volatility, therefore it keeps me out of this market into we can break down below the 1.05 level which would be a significant break of support. Selling short-term rallies could be done, but that’s about as far as I see trading this market.