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EUR/USD could drop anytime again

The EUR/USD pair has managed to recover a little after its last drop but the pressure remains high as long as it stays below major resistance levels. DXY's drop forced the pair to rebound in the short term. Technically, the outlook remains bearish, so EUR/USD could extend its downwards movement if the Dollar Index jumps higher.

Fundamentally, USD received a helping hand from the US Unemployment Claims today. The indicator was reported at 326K far below 350K expected and versus 364K in the previous reporting period. Still, maybe the traders are waiting for the US NFP, Average Hourly Earnings, and for the Unemployment Rate to be released tomorrow before taking action.

EUR/USD Bearish Outlook!

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EUR/USD stands far below the descending pitchfork's median line (ML) and under the immediate downtrend line. The bias is bearish as long as it stays under these levels. It has found support right above the S1 (1.1528) level.

Techncially, the current rebound could be only a temporary one. Its failure to reach the near-term dynamic resistance levels of a false breakout through these obstacles could signal a new leg down.

EUR/USD Forecast!

1.1612 - 1.1602 area is seen as a resistance zone, support has turned into resistance. The EUR/USD could drop deeper anytime as long as it stays under the median line (ML). Its failure to stabilize above the median line in the previous attempt announce a potential larger downwards movement.

Dropping and closing under the weekly S1 (1.1528) may activate a broader drop towards the lower median line (LML).

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