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The EUR/USD pair crashed after the US reported better-than-expected data earlier. It has dropped as much as 1.0428 registering a new low. Now it was trading at 1.0479 at the time of writing. After its sell-off, it has increased a little, and now it is trying to test and retest the broken levels.
Fundamentally, the Non-Farm Employment Change came in at 263K in November versus the 200K expected and compared to the 284K in the previous reporting period, Average Hourly Earnings reported 0.6% growth beating the 0.3% growth expected, while Unemployment Rate remained at 3.7% matching expectations.
As you can see on the H1 chart, the rate climbed as much as 1.0544 today where it has found resistance. Now, it has dropped through the confluence area formed at the intersection between 1.0481, R1, and the median line of the ascending pitchfork.
Now, it has rebounded and it tries to test and retest the broken levels and to confirm its breakdown. Staying below 1.0481 and under the median line could announce a deeper drop.
The breakdown through the confluence area is seen as a short opportunity with a potential downside target at 1.0394.
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