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EUR/USD downside movement is far from being over

EUR/USD dropped as expected as the DXY has registered fresh highs. As I've mentioned in my previous analysis, the pair could resume its decline after failing to confirm a strong rebound.

It has dropped below strong support levels, so a further decline is favored. EUR/USD has increased a little to retest the broken downside obstacles before moving down.

The greenback has received a helping hand from the US Unemployment Claims. The economic indicator dropped unexpectedly lower, from 377K to 348K, below 362K expected. The euro has increased a little versus its rivals after the eurozone Current Account increased from 13.9B to 21.8B while specialists expected to see a drop to 12.3B.

EUR/USD confirms its breakout

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EUR/USD has found support on the S2 (1.1669) and now is retesting the 1.1704 former static support and upside 50% Fibonacci line. The bias is bearish if the price stabilizes under these levels.

Also, EUR/USD could extend its decline as long as it stays below the black downtrend line. 1.1704 was seen as major static support. The current breakout followed by the retest signals a valid breakout.

EUR/USD forecast

A new lower low, dropping and stabilizing below 1.1665 level could activate a broader drop and could be seen as a selling opportunity. The S3 (1.1633) is seen as the next downside target, while 1.16 could be a major target and an obstacle as well.

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