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The EUR/USD pair is trading lower as the Dollar Index tries to rebound and recover after its sell-off. The pair was trading at the 1.0562 level at the time of writing. As you already know, the price registered a strong leg higher only because the DXY was in a corrective phase.
Fundamentally, the Euro received a helping hand from the German PPI which rose by 2.8% versus 1.2% expected. Still, EUR/USD is dropping right now, having reached a major resistance level. It remains to see how it will react later after the Euro-zone Consumer Confidence is released. The economic indicator is expected to remain unchanged at -22 points.
As you can see on the H4 chart, EUR/USD registered only false breakouts above the 1.0593 key level. In the short term, it's trapped between the 1.0606 and 1.0554 levels. Escaping from this pattern could bring new trading opportunities.
Despite the last swing higher, the bias remains bearish as long as the price settles below the 1.0641 high. A bearish pattern here may signal a new sell-off. Staying below 1.0593 and making a valid breakdown from the current range could signal that the leg higher ended.
A valid breakdown below 1.0554 and through the R1 (1.0550), a new lower low could activate a new sell-off and could bring selling opportunities. 1.0480 - 1.0471 stands as a potential downside target.
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