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The EUR/USD pair rebounded in the short term after reaching 1.0962 today's low. It's trading at 1.0996 at the time of writing. In the short term, the volatility is high as the US released high-impact data.
Fundamentally, Chicago PMI, Personal Income, Personal Spending, and Employment Cost Index came in better than expected, while Core PCE Price Index and revised UoM Consumer Sentiment came in line with expectations.
Technically, the EUR/USD pair dropped after invalidating its breakout through 1.1075. Now, it has found support on the uptrend line. It has printed only a false breakdown and now is trying to come back higher.
Still, the bias remains bearish as long as it stays below the minor downtrend line. The weekly pivot point of 1.0970 represents a critical downside obstacle.
A new lower low, a bearish closure below today's low of 1.0962 activates more declines and brings new selling opportunities.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
