The EUR/USD pair dropped as much 1.0534 today, registering a new low. You knew from my previous analyses that the bias remains bearish. So, more declines could be possible as the Dollar Index is bullish.
Earlier, the USD received a helping hand from the Durable Goods Orders and Core Durable Goods Orders data. The economic indicators came in better than expected, boosting the greenback. Tomorrow, the German Prelim CPI and the US Final GDP could really shake the price.
EUR/USD Challenging Static Support!
Technically, the EUR/USD pair extended its sell-off after taking out the 1.0575 former downside obstacle.
Now, it challenges the weekly S2 of 1.0540 which represents static support. Also, the former low of 1.0534 represents a downside obstacle.
EUR/USD Outlook!
A bearish closure below 1.0534 is seen as a selling signal.
