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EUR/USD dropped as much as 1.1263 today, printing a new lower low. After the current sell-off, we cannot exclude a temporary rebound. The currency pair could come back to test and retest the near-term resistance levels before dropping again.
The pair plunged as the US retail sales, Industrial Production, and the Capacity Utilization Rate came in better than expected in yesterday's session. On the other hand, the eurozone flash GDP registered a 2.2% growth matching expectations while the Flash Employment Change rose by 0.9% beating 0.6% expected.
Today, the eurozone final CPI and the final core CPI could bring more action. In addition, the ECB Final Stability Review and the Italian Trade Balance will be released as well. It remains to see what will really happen as the Dollar Index could be too overbought to be able to resume its growth even if the US Building Permits and the Housing Starts come in better than expected.
Technically, EUR/USD reached the descending pitchfork's lower median line (LML) which represented a dynamic support. The price closed the last bearish candle at 1.1299 far above 1.1263 showing that the sellers could be exhausted.
In the short term, EUR/USD could try to stay above the 1.13 psychological level. The pair could come back towards the weekly S2 (1.1318) and up to the inside sliding line (SL). A temporary rebound is natural.
After its massive drop, EUR/USD could rebound and recover in the short term. The pressure remains high as long as it stays under the inside sliding line (SL) of the descending pitchfork. Only a major bullish pattern, a reversal formation could signal a strong leg higher.
The support is represented by the lower median line (LML) and by 1.1239. It remains to see how the pair will react around these levels in the coming days. From the technical point of view, a temporary rebound could bring new selling opportunities.
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