The EUR/USD pair is trading in the red at 1.0767 at the time of writing. The downside pressure is high, so further drop is natural. DXY's upside continuation should force the greenback to extend its appreciation versus the other currencies.
Fundamentally, the German, Eurozone, and the US Flash Manufacturing PMI indicators came in worse than expected announcing contraction, while Flash Services PMI reported better than expected data confirming further expansion.
EUR/USD Price Technical Analysis: Strong Sellers!
As you can see on the H1 chart, EUR/USD found resistance at the weekly pivot point (1.0820) and now it has turned to the downside. It has reached the median line (ml) and the 1.0762 downside obstacles.
False breakdowns may announce a potential rebound. In the short term, it's trapped between 1.0828 and 1.0762 levels. This range could announce a downside continuation.
EUR/USD Outlook!
A bearish closure below 1.0762 activates further drop and represents a bearish signal.
