The EUR/USD pair crashed after reaching 1.0748 today's high. The rate is located at 1.0713 at the time of writing. The outlook remains bearish, so more declines are in cards. The Dollar Index is bullish, so further growth should force the USD to appreciate versus its rivals.
Today, the Euro took a hit from the Eurozone Retail Sales indicator which reported a 0.2% drop versus the 0.1% drop estimated. On the other hand, the USD received a helping hand from the US Trade Balance, ISM Services PMI, and IBD/TIPP Economic Optimism.
EUR/USD Bearish Bias!
From the technical point of view, the EUR/USD pair failed to retest the median line (ml) of the descending pitchfork signaling strong selling pressure.
The bias remains bearish as long as it stays below the median line (ml) and under the downtrend line. Now, it is challenging the 1.0705 static support.
EUR/USD Forecast!
A new lower low, a bearish closure below 1.0702 is seen as a new selling opportunity.
