The EUR/USD pair accelerated its sell-off in the last hours and now is trading at 1.0880 at the time of writing. The bias is bearish in the short term and it seems determined to extend its bearish momentum.
Fundamentally, the USD extended its growth as the PPI and Core PPI came in better compared to the previous reporting period yesterday. Earlier today, the Prelim UoM Consumer Sentiment came in at 57.7 points versus 63.0 points and far below the 63.5 points in the previous reporting period.
EUR/USD Strong Sellers!
Technically, the EUR/USD pair took out the 1.0909 – 1.0899 support zone and now it has dropped below the median line (ml). The median line (ml) represented a dynamic support. Staying near this downside obstacle signaled an imminent breakdown.
Despite poor US data reported today, the downside pressure remains high. Today’s low of 1.0879 stands as a static support.
EUR/USD Outlook!
A bearish closure below 1.0879 activates more declines and represents a bearish signal. Technically, stabilizing below the median line (ml) announces a larger drop. The 1.0831 historical level represents a potential target.
The material has been provided by InstaForex Company – www.instaforex.com
The EUR/USD pair accelerated its sell-off in the last hours and now is trading at 1.0880 at the time of writing. The bias is bearish in the short term and it seems determined to extend its bearish momentum.
Fundamentally, the USD extended its growth as the PPI and Core PPI came in better compared to the previous reporting period yesterday. Earlier today, the Prelim UoM Consumer Sentiment came in at 57.7 points versus 63.0 points and far below the 63.5 points in the previous reporting period.
EUR/USD Strong Sellers!
Technically, the EUR/USD pair took out the 1.0909 – 1.0899 support zone and now it has dropped below the median line (ml). The median line (ml) represented a dynamic support. Staying near this downside obstacle signaled an imminent breakdown.
Despite poor US data reported today, the downside pressure remains high. Today’s low of 1.0879 stands as a static support.
EUR/USD Outlook!
A bearish closure below 1.0879 activates more declines and represents a bearish signal. Technically, stabilizing below the median line (ml) announces a larger drop. The 1.0831 historical level represents a potential target.
The material has been provided by InstaForex Company – www.instaforex.com
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