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The EUR/USD pair plunged as the Dollar Index managed to rebound. It was traded at 1.0120 at the time of writing and it seems vulnerable to slide further. In the short term, it has moved sideways but it has failed to confirm a larger growth.
As you already know, the rate registered a leg higher only because the Dollar Index was in a corrective phase. Yesterday, the German ifo Business Climate and the Belgian NBB Business Climate reported worse than expected data.
Surprisingly or not, the EUR/USD pair is bearish even if the US CB Consumer Confidence came in at 95.7 points below 97.3 expected, New Home Sales dropped from 642K to 590K, while the HPI rose by 1.4% less versus 1.5% expected. Tomorrow, the FOMC could change the sentiment. The FED is expected to increase the Federal Funds Rate from 1.75% to 2.50%.
EUR/USD found resistance at 1.0269 and now it has dropped below 1.0155, 1.0129, and under 1.0122 downside obstacles. Also, the price ignored the lower median line (lml) of the ascending pitchfork which represented a downside obstacle.
Its failure to make a new higher high or to approach and reach the 1.0269 in the last attempts signaled exhausted buyers. Stabilizing below the lower median line (lml) should activate more declines.
The next downside obstacle is represented by the weekly S1 (1.0100). Taking out this level may announce a further drop. So, dropping and stabilizing below this support level could help the sellers to catch a larger drop.
Still, in the short term, we cannot exclude a temporary rebound after its massive drop. Testing and retesting the lower median line (lml) could bring us new short opportunities from the highs.
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