EUR/USD daily chart, October 18, 2016

EUR/USD Forecast October 18, 2016, Technical Analysis

The EUR/USD pair broke higher during the day on Monday, slicing above the 1.10 level. It looks as if the market is trying to bounce out of the negativity that it has seen over the last couple of sessions, but quite frankly I feel there’s more than enough resistance above to turn this market back around to the downside at the first signs of trouble. I believe that the 1.1150 level above is essentially the “ceiling” in this market, and therefore I’m simply waiting for signs of exhaustion that I can start selling yet again.