EUR/USD new downside continuation pattern [Video]

Olimpiu Tuns Learn 2 Trade

The EUR/USD pair is trading in the red at 1.0388 at the time of writing. The price dropped as the Dollar Index has managed to rebound after its retreat. After its massive drop, the currency pair was expected to develop a temporary rebound. Fundamentally, the Euro-zone Industrial Production came in better than expected but the bias remains bearish. The economic indicator reported a 1.8% drop versus 2.1% expected. Later, the US Prelim UoM Consumer Sentiment is expected to drop from 65.2 to 64.1 points.

From the technical point of view, the EUR/USD pair developed an up channel pattern. The chart pattern formation could activate a downside continuation if the rate makes a valid breakdown below the minor uptrend line. The bias remains bearish as long as the rate stands below the downtrend line. 1.0352 key level stands as a potential downside target if the rate continues to drop.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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