07.07.202217:20 Forex Analysis & Reviews: EUR/USD: further downside ahead

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The EUR/USD pair was trading at 1.0172 at the time of writing. As you already know, the bias is bearish, so more declines are in the cards. Temporary rebounds or range patterns could bring new selling opportunities. The pair tried to rebound as the Dollar Index dropped because the US data came in weaker than expected yesterday.

Today, the US Unemployment Claims came in at 235K versus 230K expected, while the Trade Balance came in at -85.5B below -85.0B estimates. On the other hand, German Industrial Production increased only by 0.2% versus the 0.3% growth expected.

EUR/USD Distribution!

In the short term, the EUR/USD pair is trapped between 1.0161 and 1.0220 weekly S1. I've told you in my previous analysis that the price could extend its sell-off after ending its minor rebound.

As you can see on the H1 chart, EUR/USD failed to make a new higher high or to stay above the lower median line (lml) signaling strong downside pressure. Now, it's almost to reach the 1.0161 critical support.

EUR/USD Forecast!

Dropping and closing below 1.0161 could activate more declines and could bring new selling opportunities. The next major downside target is at 1.0100.

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