The EUR/USD pair plunged today and was trading at 0.9965 below the parity. It has dropped as much as 0.9955 where it has found support. As you already know from my analyses, the bias remains bearish despite temporary rebounds.
Fundamentally, the Euro-zone and the US data came in mixed today. Tomorrow, the FOMC represents a high-impact event. Anything could happen, that's why you need to be careful. As you already know, the FED is expected to increase the Federal Funds Rate from 2.50% to 3.25%.
EUR/USD Range Breakout!
Technically, the EUR/USD pair escaped from the 0.9955 - 1.0023 range but it has failed to stabilize above the broken resistance levels. Now, it challenges the median line (ml) and the support zone represented by the former lows.
The price action signaled exhausted buyers and a potential new sell-off. Still, we need to wait for confirmation before taking action.
EUR/USD Outlook!
A valid breakdown below 0.9955 and through the median line (ml) activates more declines and brings new potential short opportunities. Its false breakouts from this pattern could bring downside breakouts.
