EUR/USD Forecast October 5, 2016, Technical Analysis

The EUR/USD pair fell rather significantly during the course of the day on Tuesday, crashing into the 1.1150 level. I think if we can break down below the 1.11 level, the market will then break down to the 1.10 level below there. I think that short-term rallies will continue to be selling opportunities on signs of exhaustion, but you will have to be very nimble to take advantage of this. Overall, I believe that we are forming a descending triangle, and that of course is a very negative sign. I have no interest in buying.

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