The EUR/USD pair moves in a minor range in the short term. It's traded at 1.0886 level at the time of writing below 1.0900 psychological level and far below 1.0938 today's high. The pressure remains high as the Dollar Index is strongly bullish.
The Euro tried to rebound in the short term even if the Euro-zone data came in mixed. The German Industrial Production rose by 0.2% beating the 0.1% expected, while the Euro-zone Retail Sales registered a 0.3% growth versus 0.6% expected.
Still, the pair plunged in the last hours as the US Unemployment Claims indicator was reported at 166K below 201K estimates.
EUR/USD Another False Breakout!
EUR/USD tested and retested the weekly S1 (1.0930) registering only false breakouts. The last H4 bearish candle, the fasle breakout with great separation signals strong sellers and potential downside continuation.
As I've said in my previous analysis, the currency pair could drop deeper toward 1.0805 after registering a valid breakdown below the warning line (WL1). Only a new higher high, coming back above 1.0944 could invalidate more declines.
EUR/USD Outlook!
A new lower low, a valid breakdown below 1.0874 could activate further drop and could represent a short opportunity.
