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EUR/USD Forecast October 28, 2016, Technical Analysis

By:
Christopher Lewis
Published: Oct 28, 2016, 04:02 UTC

The EUR/USD pair went back and forth during the course of the day on Thursday, eventually forming a bit of a shooting star. It looks as if the market is

EUR/USD daily chart, October 28, 2016

The EUR/USD pair went back and forth during the course of the day on Thursday, eventually forming a bit of a shooting star. It looks as if the market is ready to continue to go to the downside, as the sellers have most certainly found themselves in control yet again. I believe that the 1.0850 level below continues to be supportive, but given enough time we will break down below there and reach towards the 1.05 handle. Any rally at this point in time should end up being a selling opportunity based upon exhaustion, just as we have seen on Thursday.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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