EUR/USD Price Attempting Recovery, Eyes on Fed

  • The EUR/USD pair is bearish, so more declines are natural.
  • The US data could be decisive later.
  • A new lower low activates a downside continuation.

The EUR/USD price changed little on Thursday. The pair is trading at 1.0549 and it looks clueless. The Dollar Index edged higher yesterday, maintaining a bullish bias. So, the Greenback’s further growth should weigh on the risk assets.-Are you interested in learning more about STP brokers? Check our detailed guide-

Fundamentally, the Eurozone Final Core CPI and Final CPI came in line with expectations in the last session. On the other hand, the US Building Permits came in better than expected but worse compared to the previous reporting period, while Housing Starts came in worse than expected in September but better versus 1.27M in August.

Today, the Eurozone Current Account was reported higher at 27.7B in August versus 20.9B in July. Later, the US Unemployment Claims is expected at 210K in the last week, Philly Fed Manufacturing Index could be reported at -6.7 points, Existing Home Sales may drop to 3.89M from 4.04M, while the CB Leading Index could announce a 0.4% drop again.

Also, the Fed Chair Powell Speaks represents a high-impact event, so the volatility could be huge around this event. Also, better than expected US data should boost the greenback.

EUR/USD Price Technical Analysis: Bearish Bias

EUR/USD price
EUR/USD price hourly chart

The EUR/USD price is trading in the green and it tries really hard to rebound after testing and retesting the warning line (wl1). The false breakdowns show sellers’ exhaustion.

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Now, it challenges the weekly pivot point of 1.0550. The 1.0558 represents a static resistance as well. Still, staying near the warning line (wl1) may trigger a breakdown.

Taking out this dynamic support and making a new lower low announces more declines. After the last drop, a rebound could be natural. It could test and retest the resistance levels before going down as the bias is bearish.

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Source: https://www.forexcrunch.com/eur-usd-price-attempting-recovery-eyes-on-fed/

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