EUR/USD Forecast November 6, 2014, Technical Analysis

The EUR/USD pair broke down during the course of the day on Wednesday, slicing through the 1.25 handle. Because of this, the market looks like it’s ready to test the lows again, and eventually break down. We believe that the EUR/USD pair will eventually hit the 1.2050 handle, an area that has been important in the past and was the beginning of the massive move higher than we had seen previously. We have no interest whatsoever in buying this market as it is without a doubt very negative, and we believe that the US dollar will continue to be the favored currency.