EUR/USD Forecast November 21, 2016, Technical Analysis

The EUR/USD pair fell on Friday as we continue to see quite a bit of bearish pressure. However, we are approaching the 1.05 level which should be massively supportive, so I’m waiting to see whether or not we get some type of bounce that show signs of exhaustion to take advantage of. I have no interest in shorting this market right now, simply because we are so oversold. Don’t get me wrong, I’m not going to buy the Euro either, just that I recognize that shorting this market would be chasing the trade.