EUR/USD Forecast October 20, 2016, Technical Analysis

The EUR/USD pair initially tried to rally during the course of the session on Wednesday, testing the 1.10 level, which of course has been resistive over the last several sessions. The shooting star is a very negative sign, and if you can break down below the bottom of this shooting star, the market should then go down to the 1.09 handle. Ultimately, this is a market that should continue to find sellers again and again as we trying to build up enough pressure to break the market down. At this point, I would not be surprised to see the market reach towards the 1.05 level.

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