EUR/USD Forecast November 16, 2016, Technical Analysis

The EUR/USD pair initially rallied at the open on Tuesday but found enough resistance at the 1.08 level to turn around and form a shooting star that signifies that the market is breaking down even further. Ultimately, a time we get a rally it’s very likely that the market will continue to reach towards the 1.05 level below. I have no interest whatsoever in going long of this market, as the Euro simply cannot get out of its own way when it comes to trading against the US dollar, and it appears that every time we rally it’s a shorting opportunity.