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EUR/USD plunged in the short term after reaching the 1,1908 level as the DXY rebounded. Still, the current decline could be only a temporary one. The pair could only retest the immediate support levels before resuming its growth.
The Euro dropped even if only the German Prelim GDP was bad for the European currency. The indicator reported a 1.5% growth below 2.0% expected. Actually, the EUR/USD drop was USD driven.
The US Chicago PMI increased from 66.1 to 73.4 points, while the Revised UoM Consumer Sentiment jumped unexpectedly from 80.8 to 81.2 points. Moreover, the Personal Spending registered a 1.0% growth versus 0.7% expected, while the Personal Income increased by 0.1% even if the traders have expected to see a 0.4% drop.
The Dollar Index rebounded after failing to close under the 38.2% (91.80) retracement level. EUR/USD failed to stabilize above 1.1900 psychological level and now it could come back to test and retest 1.1841 static support, former resistance.
The bias is bullish as long as it stays above this level. Technically, a temporary decline was somehow expected after the last rally. The current decline could help us to catch a new upside momentum.
EUR/USD could still increase as long as it stays above 1.1841 - 1.1824 area. The next major upside target stands at the descending pitchfork's upper median line (UML).
Testing and retesting the support levels, a false breakdown, could bring us new long opportunities.
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