Video Analysis – EUR/USD February 16, 2015

The Friday session in the EUR/USD pair was relatively quiet, as the market kind of drifts off towards the Presidents’ Day holiday in the United States. That means that the session today will be fairly illiquid after the Europeans go home. With that, we expect a fairly quiet session, and as a result this pair could be somewhat stagnant.

Just above at the 1.15 level, there is a significant amount of resistance and we believe that selling near that area will probably be the way to go. With that being the case, relating to see if we get a resistant candle in order to start selling again as the US dollar continues to be the strongest currency in the Forex world, and there are simply far too many issues with the European Union right now to feel comfortable in buying the currency.

Even if we broke above the 1.15 level, the market has a significant amount of resistance at the 1.1650 level as well, and I feel that it is essentially a “zone of resistance”, and that guarantees that there should be plenty of selling pressure. The pair is in a downtrend, and that is one that doesn’t look ready to quite end at this point.