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EUR/USD should develop a significant corrective phase after the recent developments. Is traded under 1.17 psychological level signaling more declines after retesting this broken downside obstacle.
The pair is expected to drop as the USDX approaches fresh new highs in the upcoming period. USDX's up reversal should force the greenback to dominate the currency market. The dovish ECB and better than expected US Advance GDP, Unemployment Claims, and the Advance GDP Price Index data has forced the pair to fall into the seller's territory.
Today, the economic calendar is filled with important US and eurozone data. EUR/USD could react aggressively in the upcoming hours.
EUR/USD has escaped from the up channel, it has dropped as much as 1.1648 level, and now is retesting the 1.17 psychological level. A new lower low will confirm a deeper drop.
Its failure to stabilize above 1.18 signaled exhausted buyers. The bearish scenario could be invalidated only by a potential come back above 1.19. If EUR/USD continues to drop, the 1.1495 is seen as a potential downside target.
Sell a bearish closure under 1.1648 and below the S2 (1.1636) level. Also, a false breakout with great separation above 1.17 or a bearish engulfing represents a selling signal. 1.1495 is seen as a short-term downside target.
A valid breakdown through this level suggests a broader corrective phase in the medium to the long term.
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