The EUR/USD pair bounced back in the short term and now is located at 1.0679 at the time of writing. Still, the downside pressure remains high as the Dollar Index could resume its swing higher after the current retreat. The price moves somehow sideways in the short term, that's why we have to wait for fresh opportunities.
Fundamentally, the US Prelim UoM Consumer Sentiment could be decisive today. The indicator is expected to drop to 63.7 points from 63.8 points. Better-than-expected data should lift the greenback.
EUR/USD Temporary Rebound!
Technically, the EUR/USD pair is trapped between the upper median line (uml) and the weekly pivot point of 1.0660.
As you can see on the H1 chart, the rate registered a false breakout through the upper median line (uml), so as long as it stays below it, the EUR/USD pair could drop deeper.
EUR/USD Outlook!
Dropping and closing below the weekly pivot point of 1.0660 is seen as a selling opportunity.
