The EUR/USD pair is tumbling at the time of writing as the Dollar Index has managed to jump higher after a minor accumulation. It's trading 1.0939 at the time of writing far below 1.1019 today's high.
Fundamentally, the Euro received a hit from the Eurozone economic figures today. The ZEW Economic Sentiment came in at -38.7 points below 10.3 expected, while the German ZEW Economic Sentiment was reported at -39.3 below 5.2 forecasted.
On the other hand, the US PPI rose by only 0.8% less versus 1.0% expected, while the Core PPI registered a 0.2% growth compared to 0.5% estimates.
EUR/USD Upside Invalidated!
EUR/USD failed to stabilize above the descending pitchfork's median line (ML) signaling exhausted buyers and that the bears could take full control again. It has retested the 1.1 psychological level and now it seems very heavy again.
Now, it's back below the weekly pivot point of 1.0955. Stabilizing below this level and under the median line (ML) could announce more declines.
EUR/USD Outlook!
A new lower low, a bearish closure below 1.0900 level could activate a broader drop at least towards the weekly S1 (1.0790).
