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EUR/USD: Could this be a larger rebound?

EUR/USD has managed to rebound after the US data was released. The pair has found temporary support and now it is struggling to move higher. The pair may increase only if the US dollar Index develops a strong bearish movement.

The dollar dropped on the mixed US data. The CPI registered a 0.5% growth in July, matching expectations, while the Core CPI has increased by 0.3% failing to reach the expected growth of 0.4%.

EUR/USD stands above a strong support zone, so a temporary rebound was somehow expected, even if it will be only a temporary one. The pressure continues to be high. DXY's growth could send EUR/USD towards fresh new lows.

EUR/USD Throwback

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EUR/USD has found support on the weekly S1 (1.1708), above the psychological level of 1.1700. It has failed to retest the former downtrend line and now is fighting hard to stabilize above the 50% Fibonacci line.

Technically, a fall to a new lower low below 1.1705 could signal a deeper drop. On the other hand, a consolidation around the current levels could signal a potential swing higher. EUR/USD will increase only if the Dollar Index drops.

Outlook

EUR/USD may increase if it stays above today's low of 1.1705. Today's bullish engulfing pattern signaled a temporary rebound. A temporary consolidation could bring new long opportunities.

Being in a support zone, i.e. a demand area, we may search for new long opportunities. Only a drop below 1.1705 may invalidate a potential rebound.

The material has been provided by InstaForex Company - www.instaforex.com