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The EUR/USD pair failed to confirm further growth and now it has dropped below strong support levels signaling a potential larger downside movement. The pair has plunged in the short term as the Dollar Index has escaped from a down channel.
DXY ended its corrective phase and now it has jumped in the buyer's territory, so EUR/USD dropped in the seller's territory. DXY's further growth should force the currency pair to drop deeper.
Yesterday, the Euro has taken a hit from the German Ifo Business Climate which dropped from 98.9 to 97.7 points below 98.2 expected. Today, the pair could register strong moves around the US CB Consumer Confidence. The economic indicator is expected at 108.4 below 109.3 in the previous reporting period.
In addition, the New Home Sales, Richmond Manufacturing Index, HPI, and the S&P/CS Composite -20 HPI will be released as well.
EUR/USD moved sideways within a minor range pattern. It has found strong resistance at the 1.1663 level before dropping through the immediate uptrend line. Now it has registered a valid breakdown from the narrow range and it could extend its drop.
As you can see, EUR/USD dropped also below 1.1612 - 1.1602 key zone. A new lower low, a bearish closure under the 1.1590 yesterday's low could activate a deeper drop.
Dropping, closing, and stabilizing below 1.1587 weekly S1 could bring a new short opportunity. 1.1529 stands as a potential downside target.
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