EUR/USD Forecast December 7, 2016, Technical Analysis

The EUR/USD pair initially rallied on Tuesday, but turned around at the 1.08 level. This is an area that has seen some resistance in the past, and should now continue to fall from here. The market reacted that quite out of sorts after the Italian referendum. This is a market that has been desperately negative for some time, and that has not changed. I believe that the market should then go to the 1.05 level, which is massively supportive. If we can break down below there, things get ugly. I have no interest in buying.