EUR/USD Forecast October 12, 2016, Technical Analysis

The EUR/USD pair broke down significantly during the course of the session on Tuesday, slicing through the bottom of the support at the 1.11 level and now looks like it’s ready to reach towards the 1.10 level which is an even more solid support level. Any rally at this point in time should be a selling opportunity, especially after a short-term exhaustive candle. At this point in time, I believe that the Euro will continue to fall overall, so I have no interest in buying going forward as the market continues to favor the US dollar in general.

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