EUR/USD: Challenges critical confluence area [Video]
|The EUR/USD pair dropped as much as 0.9535 today registering a new lower low. The bias remains bearish despite temporary rebounds. Fundamentally, the USD received a helping hand from the US CB Consumer Confidence and New Home Sales data yesterday. On the other hand, the Euro took a hit from the German Gfk Consumer Climate which came in at -42.5 points versus -38.9 points expected. Later, the US Goods Trade Balance and Pending Home Sales could move the price.
Technically, the EUR/USD remains bearish as long as it stays under the downtrend line. Its failure to reach and retest the downtrend line signaled strong downside pressure. Taking out the dynamic support represented by the warning line (wl1) and making a new lower low activates more declines.
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