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EUR/USD started to decline again after registering a minor bounce. It's traded at 1.1891 level above 1.1878 today's low. A valid breakdown through the 1.19 psychological level could signal a deeper drop ahead.
Technically, the pair could extend its corrective phase after closing below the former lower low. USD resumed its appreciation as the US NFP increased to 379K beating 197K estimate, while the Unemployment Rate dropped unexpectedly from 6.3% to 6.2% in February.
EUR/USD is pressuring the 1.19 psychological level and the 61.8% retracement level. Closing and stabilizing below these levels could indicate a potential downside reversal. The next downside target is seen at the descending pitchfork's lower median line (LML).
Breaking below the 50% retracement level and closing under 1.1952 lower low a confirmed further drop. Personally, I believe that a valid breakdown through the LML could really announce a broader sell-off.
We cannot exclude a temporary rebound as EUR/USD is traded around strong support levels. Still, you should be very careful that EUR/USD could plunge anytime again if USDX jumps higher and resumes its bullish reversal.
Closing and stabilizing below 1.19 and under the 61.8% retracement level could represent a selling signal. Also, dropping and closing below the descending pitchfork's lower median line (LML) suggests a deeper drop towards the S2 (1.1751) or lower to 1.17.
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