EUR/USD was into a temporary rebound in the short term as the DXY has registered a minor retreat. Now, it seems ended its growth and it could drop deeper if the DXY jumps higher.
The German Prelim CPI will be released today and it could bring more action on this pair. You should be careful around the CB Consumer Confidence release. The economic indicator is expected to increase from 117.2 to 118.9 points, which is good for the USD.
EUR/USD Rebound Is Over!EUR/USD dropped below the 1.1911 level and now it could stabilize under 1.1902 yesterday's low. It is also located under the 61.8% retracement level indicating a potential further decline.
It was trapped within a minor range, the downside breakout could bring a sell-off towards the 1.1847 lower low.
Outlook!Closing under 1.1902 yesterday's low and escaping from the minor range is seen as a selling opportunity. 1.1850 could be used as a downside target.