EUR/USD Correction Far From Being Over?

EUR/USD changed little after reaching 1.1998 static support. Still, the pressure remains high as long as it stays under the immediate downtrend line. USDX's further decline should force the pair to drop towards new lows.

Today, the eurozone Final Services PMI, German Final Services PMI, and the US ADP Non-Farm Employment Change, ISM Services PMI, and the Final Services PMI could be decisive for EUR/USD's future development.

EUR/USD Under Massive Pressure!

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EUR/USD stands at 1.2017 level above 1.1998 critical static support. A valid breakdown below it may really signal a further decline in the short term. The pair has increased a little to test and retest the weekly pivot (1.2060) and now it could move lower.

Its failure to stabilize above the downtrend line and above the former uptrend line signaled that we may have a corrective phase in the short term.

The bias will be bearish as long as the rate stays below the immediate downtrend line.

EUR/USD Forecast!

Sell EUR/USD if the price drops and closes below the 1.1998 level. The next major downside target is seen at the major descending pitchfork's median line, around the R2 (1.1926).

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

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