The EUR/USD pair is fighting hard to rebound after reaching the 1.1529 support level. In the short term, it moves somehow sideways. Maybe the traders are waiting for the US data dump before taking action. Also, after the most recent drop, EUR/USD's minor rebound is natural.
It's trading at 1.1552 level at the moment of writing. You should know that the volatility could be really high later today as the United States is to release the Non-Farm Employment Change, Average Hourly Earnings, and the Unemployment Rate. The NFP is expected around 455K in October, while the Unemployment Rate could drop from 4.8% to 4.7% in the last month.
The eurozone is also to release its Retail Sales, while the German Industrial Production could bring some action soon.
EUR/USD False Breakdown!The EUR/USD pair plunged after failing to stabilize above the 1.1596 weekly pivot point. Now it has bounced after registering only a false breakdown with great separation below 1.1529 static support.
The volatility will be high later, EUR/USD could register sharp movements ahead and after the US data. Anything could happen, a valid breakdown below 1.1529 could activate a deeper drop towards the median line (ML).
On the other hand, staying above the 1.1529 could signal a new upside movement towards the descending pitchfork's upper median line (UML).
EUR/USD Prediction!Making a valid breakdown below 1.1529 could announce more declines. It remains to see what will really happen after its failure to approach and reach the descending pitchfork's median line.
You should know that poor US data could punish the USD. The Dollar Index is traded right below a strong resistance area. EUR/USD could develop an important upwards movement if it jumps and stabilizes above the upper median line (UML).