EUR/USD Forecast July 20, 2016, Technical Analysis

The EUR/USD pair fell slightly during the course of the day on Tuesday, testing the 1.10 level below. That being the case, it’s likely that sooner or later we will break down. Once we do, I feel that this market then goes to the 1.09 handle below, but it might be fairly choppy. Any rally at this point in time will continue to see bearish pressure above, so I’m looking for rallies that show signs of exhaustion as selling opportunities as well. At this point in time, I believe that the US dollar will continue to get a bit of a “safety bid.”