EUR/USD Forecast November 23, 2016, Technical Analysis

The EUR/USD pair initially rallied on Tuesday, but then struggled to hold the gains as we ended up falling yet again. It appears that the market is intent on reaching towards the 1.05 level given enough time, and because of this it’s likely that the market will continue to attract sellers every time it rallies on the short-term chart. I have no interest in going long at this point, because quite frankly there are no real signs of the Euro strengthening. I do believe that most of the massive selloff is done, but I also recognize that the buyers certainly have not returned.

EUR/USD daily chart, November 23, 2016EUR/USD daily chart, November 23, 2016