EUR/USD Forecast October 28, 2016, Technical Analysis

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.