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EUR/USD downtrend intact, further drop?

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EUR/USD downside outlook

EUR/USD moves somehow sideways in the short term but its downside bias remains intact. As you can see on the H4 chart, the pair is located below the downtrend line, so it could resume its drop anytime.

The lower low of 1.1687 is seen as a downside obstacle, a support level. It is important for the price to drop below this level to confirm further downside movement. Technically, its failure to come back to test and retest the downtrend line signals strong selling pressure.

EUR/USD trading conclusion

It's risky to sell the pair here because the 1.1687 level could stop the price again. So, personally, I'll wait for the pair to drop and stabilize there before considering selling again. The downside scenario will be invalidated if the EUR/USD pair jumps above the downtrend line.

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