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The EUR/USD pair extended its drop as expected as the Dollar Index jumped higher. It's located at 1.0538 at the time of writing and it seems poised to hit new lows. Yesterday, the USD received a helping hand from the US New Home Sales which came in at 759K versus 678K expected. The price resumed its drop even if the German ifo Business Climate and M3 Money Supply came in better than expected.
Today, the ECB monetary policy meeting the US data should bring sharp movements. The Main Refinancing Rate could remain at 4.50% but the ECB Press Conference could really shake the rate. On the other hand, the US Advance GDP may report a 4.5% growth which could be good for the USD.
Technically, the EUR/USD pair registered a valid breakdown through the confluence area formed at the intersection between 1.0564 and the uptrend line, confirming more declines.
Now, it is almost to reach the weekly S1 (1.0530) and the former low of 1.0523. These represent downside obstacles.
Dropping and closing below 1.0523 opens the door for more declines. This is seen as a bearish signal. The weekly S2 (1.0460) stands as a potential downside target.
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