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The EUR/USD pair is fighting hard to rebound after its massive drop. Still, the rebound could be only temporary. The rate could test and retest the immediate resistance levels before going down. It's trading at 1.0549 at the time of writing and it seems very heavy despite temporary rebounds.
Fundamentally, the Eurozone reported mixed data yesterday, while the US ADP Non-Farm Employment Change and JOLTS Job Openings came in better than expected. Still, after its strong growth, the USD was overbought in the short term, that's why the EUR/USD pair tried to rebound.
Today, the US Unemployment Claims indicator could be reported at 195K versus 190K in the previous reporting period.
Technically, the EUR/USD pair developed a flag pattern in the short term. Activating this formation may announce more declines. Now, it could test and retest the median line (ml) which represents a dynamic resistance.
As long as it stays below this dynamic resistance, the pair could extend its downside movement. Still, it's premature to talk about more declines, the flag's support and 1.0538 represent critical downside obstacles.
The current flag could represent a downside continuation pattern. A bearish closure below 1.0538 activates more declines and represents a new short signal.
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