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EUR/USD plunged in the last hours confirming that the sellers are still in the game and that the corrective phase could be extended. Euro was punished by the German Gfk Consumer Climate indicator which has dropped to -15.6 points below the -7.8 estimate.
Today you should be careful as the FOMC Statement, Federal Funds Rate, and the FOMC Press Conference will definitely bing high action on EUR/USD. Moreover, the Durable Goods Orders and the Core Durable Goods Orders could move the price as well in the fresh start of the US session.
Technically, the pair was into a temporary rebound developed after EUR/USD reached the 38.2% retracement level. I've told you in my analyses that the rate could come back down to react at least the lower median line (lml) of the ascending pitchfork.
EUR/USD has found strong resistance at the 23.6% level and now is back below the Pivot Point (1.2137) level. Personally, I'm expecting to see even a downside breakout through the ascending pitchfork's lower median line (lml) if the FOMC will deliver a neutral speech.
Practically, a downside breakout is somehow expected after the last three failures to reach the lower median line (lml). It has also failed to stabilize above the Pivot Point and beyond the median line (ML) signaling high selling pressure.
Selling could be recommended from below the 38.2% retracement level, if EUR/USD drops and close below 1.2053 level. If the corrective phase resumes, the 1.19 psychological level could represent a good downside target.
On the other hand, buying could be suggested by a major bullish engulfing printed right on the ascending pitchfork's lower median line (lml), or by a false breakdown with great separation through this dynamic support.
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