FX.co ★ EUR/USD bearish despite mixed US data

The EUR/USD pair crashed in the last hours and now is trading at 1.0580. The Dollar Index's rally forced the greenback to take the lead again versus its rivals. The price is bearish despite temporary rebounds, so more declines are still in the cards.

Surprisingly or not, the USD rallied even if the US CB Consumer Confidence index and New Home Sales came in worse than expected. The greenback received support from the Richmond Manufacturing Index, HPI, and S&P/CS Composite-20 HPI indicators. Tomorrow, the US Durable Goods Orders and Core Durable Goods Orders could bring high action.

EUR/USD Challenges 1.0575!

Technically, the EUR/USD pair failed to stay above the 1.0600 psychological level today signaling exhausted buyers. Its failure to reach and retest the downtrend line announced strong selling pressure.

Now, it challenges the static support of 1.0575. The sideways movement may represent a downside continuation pattern.

EUR/USD Forecast!

A bearish closure below 1.0575 and under the former low of 1.0569 is seen as a bearish signal as the rate could continue to drop.