EUR/USD Forecast August 6, 2015, Technical Analysis

The EUR/USD pair rose slightly during the course of the session on Wednesday, but quite frankly we are simply consolidating at the moment. We believe that the 1.08 level on the bottom is the support, while the 1.12 level on the top is the ultimate resistance. In the meantime, with Nonfarm Payroll Numbers coming out on Friday, we feel that the market could very well be very quiet today, so quite frankly we are not necessarily looking for any type of significant move, and we recognize that more than likely we will try to reach back towards the 1.10 level. Regardless, we are on the sidelines.