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EUR/USD trades at 1.1881 and continues to maintain a bearish outlook. It has registered a minor rebound, but the pair could resume its downside movement if the US Dollar Index increases again after yesterday's sell-off.
The US inflation data published later today could be crucial for EUR/USD's development. The CPI is expected to increase by 0.4% in February versus 0.3% in January, while the Core CPI may increase by 0.2% in February, more versus 0.0% growth in January.
In line with expectations or better figures should boost the USDX. This scenario will push EUR/USD deeper. The US Dollar Index has retreated a little to retest immediate support before trying to resume its bullish reversal.
EUR/USD has found support right below the descending pitchfork's lower median line (LML) and now it has come back to retest the 1.19 psychological level. It's traded back below the 61.8% retracement level signaling that the corrective phase may continue.
As you already know from my analysis, EUR/USD bearish bias remains intact as long as it stays under the descending pitchfork's median line (ML). Dropping, closing, and stabilizing the lower median line (LML) and under the S1 (1.1829) represents a selling signal.
Breaking below the S1 (1.1829), registering a new lower low, suggests selling with a potential downside target at the 1.17 psychological level.
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