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The EUR/USD pair is trading in the red at the time of writing as the Dollar Index is fighting hard to rebound. The pair was traded at 1.0517 at the time of writing and it seems very heavy after failing to activate a larger rebound. Technically, the bias remains bearish despite the last swing higher.
Fundamentally, the Euro-zone and US economic data came in worse than expected, maybe that's why the EUR/USD moves sideways. The German Flash Services PMI dropped from 55.0 to 52.4 points signaling a slowdown in expansion, German Flash Manufacturing PMI came in at 52.0 points below 54.0 expected, while the Euro-zone Flash Manufacturing PMI and the Flash Services dropped below expectations as well.
On the other hand, the US Unemployment Claims came in at 229K in the last week above 227K expected, while the Flash Manufacturing PMI and the Flash Services PMI indicator registered a strong drop announcing a slowdown in expansion in both sectors.
As you can see on the H4 chart, EUR/USD found strong resistance at the 1.0601 former high and now has escaped from the up-channel pattern. In the short term, it's trapped between 1.0601 and 1.0468 levels.
Personally, I've drawn a descending pitchfork hoping that I'll catch a new bearish signal. As you can see, the median line (ml) represents dynamic support while the upper median line (uml) stands as a dynamic resistance.
A valid breakdown below the median line (ml) and below the 1.0468 could open the door for a larger drop. Dropping and closing below these obstacles could bring new selling opportunities with a first downside target at the lower median line (lml).
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