17.03.202011:13 Forex Analysis & Reviews: The Pressure Still High On EUR/USD

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The pair is trading in the red and it seems determined to approach and reach the near-term support levels after the false breakout above the 1.1200 - 1.1215 resistance area. EUR/USD is trading at 1.1117, the next downside obstacle is seen at 1.1111.

We may see a larger drop if the price closes yesterday's gap up. The USD is driving the price as the USDX has managed to increase again. EUR/USD is trapped within a range, you should wait for a valid breakdown from this pattern before going long or short.

I really hope that we'll have a clear direction on EUR/USD after the US data is released later, the Retail Sales are expected to increase by 0.2%, while the Core Retail Sales could inch up by 0.1%. Industrial Production is expected to expand by 0.4%, the Capacity Utilization Rate could increase from 76.8% to 77.1%, while the Business Inventories could drop by 0.1%.

The EU Economic Summit, German ZEW Economic Sentiment, and the eurozone Economic Sentiment could have a high impact as well, some poor data could send EUR/USD towards fresh new lows.

EUR/USD is moving sideways between the 38.2% and the 61.8% retracement levels, the price drops after it failed to reach the 1.1200 level again. I've said yesterday that we'll have a long opportunity if the price makes a valid breakout above the 1.1200 - 1.1215, above the PP (1.1216) and above the 38.2% retracement level.

I want to remind you that the bearish pressure is high as long as the price is traded within the descending pitchfork's body. Another lower low, a valid breakdown below the 61.8% level will confirm a further drop towards the S1 (1.0938) level and towards the median line (ml).

TRADING TIPS

You should be careful because the eurozone and the US data will drive the price today, a valid breakdown below the 61.8% will give us a chance to go short on this pair, while a valid breakout above the 1.1215, 38.2% and above the Pivot Point (1.1216) will confirm a bullish movement.

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