empty
 
 
27.02.2023 01:58 PM
EUR/USD accumulates more bearish energy

The EUR/USD pair is trading at 1.0554 at the time of writing. It's struggling to rebound after its massive drop. Still, if the DXY continues to grow, the USD should appreciate versus its rivals.

Fundamentally, the greenback is bullish after the US Core PCE Price Index, Personal Spending, New Home Sales, and Revised UoM Consumer Sentiment came in better than expected on Friday.

The US data could have a big impact later today. Pending Home Sales, Durable Goods Orders, and Core Durable Goods Orders could show worse data compared to the previous reporting period.

EUR/USD Down Channel Intact!

This image is no longer relevant

Technically, the bias remains bearish as long as the rate stays below the downtrend line. After its strong drop, a temporary rebound is natural. The rate could come back to test and retest the near-term resistance levels before dropping deeper.

The 1.0536 low stands as a critical downside obstacle. On the other hand, the downtrend line and the 1.0577 - 1.0585 zone represent upside obstacles.

EUR/USD Outlook!

As long as it stays below the downtrend line, the EUR/USD pair could drop toward new lows. A bearish closure below 1.0536 activates more declines and is seen as a short opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback