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The EUR/USD pair is trading in the red at 1.0515 at the time of writing. DXY's strong rally forced USD to appreciate versus its rivals. As you know from my previous analysis, the currency pair is expected to drop after escaping from the range pattern.
Fundamentally, USD was boosted by higher US inflation. The CPI rose by 1.0% versus 0.7% expected, while the Core CPI surged by 0.6% compared to the 0.5% growth forecasted.
The EUR/USD pair signaled a deeper drop after confirming its breakdown through the 1.0641 key support. Now, it is about to reach the descending pitchfork's median line (ml) which is seen as dynamic support and as a downside target.
After its massive drop, we cannot exclude a temporary rebound. A bounce-back could bring new selling opportunities. After registering only a false breakout with great separation through the upper median line (uml), the EUR/USD pair signaled that the upside is over and that sellers could take the lead.
The retest of 1.0641 signaled a downside continuation. Dropping and closing below yesterday's low of 1.0611 represented a selling opportunity. Now, it's too late to go short as the rate could hit the median line (ml) soon.
A temporary rebound could bring new selling opportunities. Also, a valid breakdown below the median line (ml) could bring new short signals. The former low of 1.0354 is seen as a potential downside obstacle.
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