EUR/USD bearish bias intact, 1.0712 new target [Video]
|The EUR/USD pair crashed in the last hours and now is trading at 1.0755 at the time of writing. The bias is bearish, so a deeper drop is natural as the Dollar Index is strongly bullish. Yesterday, the US and Eurozone data came in mixed. Today, the German ifo Business Climate indicator was reported at 91.7 points versus 93.0 points and compared to 93.4 points in the previous reporting period. Later today, the FOMC Meeting Minutes could really shake the markets and could bring new opportunities.
Technically, the rate came back below the median line (ml) signaling that the rebound ended. It has dropped under 1.0762, registering a new low. Still, in the short term, the rate could come back to test and retest the broken levels before going down. Stabilizing below 1.0762 former low activates more declines.
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