EUR/USD: Price May Continue To Fall Down—Short Continuation

As described yesterday, EUR/USD is dropped inside the bearish channel after the breakout of the bearish flag and retests the 50% FIBO Area following the main trend. The ISOFOREX Indicator continues to be in a downtrend, and we are looking for a bearish continuation. Follows some fundamental news in accord with our forecast.

The Powell-led EUR/USD drop yesterday means that the next key support for the pair is now 1.0500. This level could be broken in the next two days, economists at ING report.

Euro has not got many weapons to fight the Dollar strengthening at the moment
“The Euro hasn’t got many weapons to fight the Dollar strengthening at the moment. The Eurozone’s data calendar lacks market-moving releases and a speech by Lagarde today does not seem to have much to do with monetary policy. Two of the most dovish ECB members – Ignazio Visco and Fabio Panetta – are the other scheduled speakers today, so expect little support to the Euro on that front.”

“Today and tomorrow will offer the best opportunity – in our view – to press below 1.0500, while we favour a EUR/USD rebound on a softer US jobs report on Friday.”

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