EUR/USD Forecast October 31, 2016, Technical Analysis

The EUR/USD pair rallied during the day on Friday, testing the top of a couple of shooting stars, and that of course is a very bullish sign. However, I believe that there are more than enough reasons the think that the sellers will return, and that the 1.10 level above is essentially the “ceiling” in this marketplace. Ultimately, the sellers should return based upon interest-rate expectations, and I believe we are simply going to build up momentum to go even lower. Also, I believe that perhaps this is a little bit of position squaring ahead of the weekend.

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