EUR/USD Forecast February 7, 2017, Technical Analysis

The EUR/USD pair continues to bounce around between the 50-day exponential moving average and the 100-day exponential moving average. We have an equilibrium somewhere near the 1.0750 level, so I’m not overly excited about trading this pair at the moment. However, I recognize that if we can break above the top of the shooting star from the Thursday session, the Euro should continue to go much higher. On the other hand, if we breakdown below the 50-day exponential moving average, we should then go reaching towards the 1.06 level underneath, but with a lot of noise in the process.

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