EUR/USD Forecast May 8, 2014, Technical Analysis

The EUR/USD pair initially rose during the session on Wednesday, but ended up falling. With that being the case, looks like the markets ready to pull back slightly in this makes sense of course with the ECB interest rate announcement coming as well as the fact that the 1.40 level above is massively resistive. Because of this, we anticipate a lot of choppiness going forward, and therefore look at this is a short-term trader’s type of market only. The 1.3880 level should be supportive though, so perhaps a short-term buying opportunity may present itself down there.