EUR/USD plunged after DXY's rally. Now it's trading at 1.1374 level above 1.1250 Friday's low. As you already know from my analysis, the EUR/USD pair remains under strong selling pressure despite temporary rebounds. Unfortunately, it has failed to stabilize above 1.1300 psychological level and now it could challenge the immediate support zone.
The US Dollar Index is still bullish. It stands at 96.11 level below 96.24 higher high and static resistance. Today, the Eurozone is to release its Consumer Confidence indicator which is expected at -5 points. On the other hand, the US will publish its Existing Home Sales. The economic indicator could drop from 6.29M to 6.20M.
EUR/USD Attention At Support!
EUR/USD found support again on the descending pitchfork's lower median line (LML). Still, the bearish pressure is high, so the rate could still approach and reach the 1.1239 level. As you can see on the h4 chart, the price failed to stabilize above the 23.6% retracement level signaling strong sellers and a potential new lower low.
EUR/USD Prediction!
EUR/USD could try to develop a new leg higher after Friday's pin bar. Still, it could come down to testing and retesting the 1.1239 historical support before jumping higher. Personally, I'll wait for a strong bullish pattern here around these support levels before considering going long with a potential upside target at the median line (ML).
