EUR/USD Forecast November 10, 2016, Technical Analysis

The EUR/USD pair initially tried to skyrocket during the day on Wednesday, as we had seen quite a bit of negative reaction initially to the US election of Donald Trump as the 45th president. Ultimately, the market looks as if it has turned around completely, as we have formed one of the largest hammers I have ever seen. We initially trying to rally all the way to the 1.13 level above, but found enough resistance to turn things around and break down all the way to the 1.09 handle. Because of this, it’s likely that we will continue to reach even lower, perhaps the 1.08 handle. However, this is a market that is most certainly oversold.