EUR/USD Forecast February 6, 2017, Technical Analysis

The EUR/USD pair initially fell on Friday after the jobs number, but turned around to form a massive hammer. The hammer sits above the 1.0750 level, which is very important. If we can break above the top of the Thursday candle, I believe that the market will then reach towards the 1.09 level above. If we breakdown below the 50-day exponential moving average, pictured in red on the chart, then it’s time to start selling. Currently though, looks as if the buyers are in control so I would expect them to take the ball and run with it next.

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