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29.05.2023 03:30 PMThe EUR/USD pair dropped again and now is trading at 1.0713 at the time of writing. It moves somehow sideways in the short term, that's why we have to wait for fresh trading opportunities.
The bias remains bearish as the USD received a helping hand from the US data on Friday, Core PCE Price Index, Durable Goods Orders, Personal Spending, Prelim Wholesale Inventories, and Revised UoM Consumer Sentiment came in better than expected.
The bias remains bearish in the short term, but it remains to see how it reacts tomorrow after the US CB Consumer Confidence which is expected to drop from 101.3 to 99.1 points. Poor US data could weaken the greenback.
Technically, the EUR/USD pair failed to retest 1.0748 and now it has turned to the downside again. The bias is bearish, so more declines are in the cards. Still, we need confirmation before taking action.
Failing to stay below the lower median line (ml) announced exhausted sellers in the short term. Still, the currency pair could drop deeper as long as it stays below 1.0748 and under the weekly pivot point of 1.0750.
A valid breakdown below 1.0707 and through the median line (ml) activates more declines. This represents a new selling opportunity.
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