The price is trading in the red at this moment and could drop much deeper in the upcoming days if the dollar index will have more directional energy to resume the upside movement. EUR/USD turned to the downside after a false breakout, but we still need a confirmation that will start a broader drop on the Daily chart. The perspective is still bullish despite the minor drop as the rate is located above some important support levels.
Technically, has shown some exhaustion signs on Tuesday, but personally, I would like to see a resistance retest before the rate will move towards new lows.
You should be careful in the upcoming hours as the Euro-zone and the US are to release high impact data, the fundamental factors will take the lead, but remains to see the direction.
EUR/USD changed little today as the dollar index has posted little gains, but I hope that the Euro-zone and US data will bring life on it. Price has plunged below the upper median line (uml) of the ascending pitchfork in the yesterday’s session.
I would like if will come back to retest the upper median line (uml) before will move towards the median line (ml) of the ascending pitchfork.
Technically is expected to drop after the false breakout above the 50% Fibonacci line and above the sliding line (sl), but the outlook is bullish on the daily chart as long as is trading within the minor ascending pitchfork’s body.
