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EUR/USD is trading in the red at 1.1987 below 1.2000 psychological level. The pair has registered a massive drop after the FOMC. DXY's rally forced the greenback to increase versus all its rivals.
The pair is into a corrective phase. Still, we cannot exclude a minor rebound after this massive drop. Technically, the downside movement is far from being over. DXY's further growth should push the pair towards fresh new lows.
USD edged higher as the Federal Reserve signaled two hikes by the end of 2023. The monetary policy was left unchanged. The US will publish its Unemployment Claims later today. The indicator is expected to drop from 376k to 360k in the previous week which is good for USD.
EUR/USD is pressuring the 50% Fibonacci level and it could extend its drop if it closes below it. The S3 (1.1935) and the 61.8% retracement level are seen as the next downside targets.
The pair have developed a strong downside movement after stabilizing below 23.6% retracement level. I've told you in my previous analyses that, EUR/USD could give birth to a larger correction if it makes a downside breakout from the down channel pattern.
EUR/USD is expected to resume its drop as long as it stabilizes below the 50% retracement level and under 1.1985 former low.
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