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EUR/USD: how sharp could it drop?

EUR/USD drops like a rock and it seems unstoppable right now. It has plunged as the Dollar Index has managed to jump and reach fresh new highs. The pair dropped as much as 1.1600 level earlier which represents today's low.

Today, the German Import Prices and the Spanish Flash CPI have come in better than expected but have failed to save the Euro from the downside. Also, the sellers ignored the US CB Consumer Confidence which has come in worse than expected in yesterday's session.

Earlier today, the US Pending Home Sales have come in better than expecting, registering an 8.1% growth versus only a 1.1% expected. EUR/USD dropped only because the DXY has rallied. The Dollar Index was somehow expected to resume its growth after the hawkish FED.

EUR/USD Violates Downside Obstacles!

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EUR/USD failed to come back towards the upper median line (UML) signaling strong selling pressure. Dropping below the 1.1663 and under the median line (ML) signaled potential further downside movement.

Now is pressuring the 1.1612 and 1.1602 levels. These represented static support levels. Closing and stabilizing under these levels could activate more declines. Still, in the short term, we cannot exclude a temporary rebound after the current massive drop.

EUR/USD Prediction!

Stabilizing below the descending pitchfork's median line (ML) and under 1.1612 level could be seen as a further drop signal. It could come back to test and retest the broken levels before resuming its drop.

It's risky to sell it here only because the pair could rebound. Still, the bias is bearish, so we can still search for good selling opportunities. If EUR/USD continues to drop, the descending pitchfork's median line (ML) is seen as a potential downside target.

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