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EUR/USD has found strong resistance. Now it is dropping again. I've said in yesterday's review that the pair could register only a temporary rebound. The pair is still under massive pressure, the outlook is bearish. So EUR/USD could resume the downside movement if the USDX comes higher after yesterday's sell-off.
The US dollar as a safe-haven currency could remain strong even if the COVID-19 pandemic continues. However, USD may retreat versus its main rivals in the short term if the US reports poor economic data. EUR/USD has rallied only because the US dollar was hit by the NFP and by the Unemployment Rate.
EUR/USD bounce back from the 1.0777 static support, but it has increased only till the weekly Pivot Point (1.0906) level. The pair is bearish as long as it is trading below the 1.1000 psychological level and below the median line (ML) of the orange descending pitchfork.
Maybe it will be better if you stay away as long as the price is trapped between the 1.1 and the 1.0777 levels because only a breakout from this area will give is a clear direction. The US dollar has taken the lead again as the USDX has edged higher today. The dollar Index further increase and a jump above the 100.93 former high will send the EUR/USD pair below the 1.0777 static support and it will confirm a significant drop.
A valid breakout above the Pivot Point (1.0906) will signal that EUR/USD will reach the 1.1000 level and the median line (ML) again, but a major upside movement will be confirmed if the price takes out these resistance levels.
EUR/USD could move sideways in the upcoming period, somewhere between 1.1 and the 1.0777 levels. If the pair drops below the 1.0777 level, the next targets are seen at the S1 (1.0668) level and at the lower median line (LML). A major drop will be confirmed after a valid breakdown below the S1 and below the LML.
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