EUR/USD to decline further

The EUR/USD pair dropped in the short term as the US dollar index has escaped from a down channel. The pair remains under high selling pressure. So, it could drop deeper anytime if the DXY jumps higher.

The German Gfk Consumer Climate and the German Import Prices could bring life on the EUR/USD in less than one hour. Also, later today, the United States figures could bring strong moves.

The Durable Goods Orders are expected to drop by 1.1% in September, while the Core Durable Goods Orders could register a 0.4% growth versus 0.3% growth registered in the previous reporting period. Also, the Goods Trade Balance could drop deeper from -87.6 B to -88.2B, while the Prelim Wholesale Inventories is expected to grow by 1.0%.

EUR/USD More Declines In View!

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EUR/USD found strong resistance at the 1.1663 level. Now, it has validated its breakdown from the narrow range pattern. It has retested the range's support and now it stands below 1.1612 - 1.1602 area.

Technically, it has found temporary support at the S1 (1.1587). Making a valid breakdown below this downside obstacle may activate further declines. Its failure to reach the descending pitchfork's upper median line (UML) signaled that the EUR/USD pair could come back towards the median line (ML).

EUR/USD Forecast!

Dropping and closing below the S1 (1.1587) could bring a good selling opportunity with a potential downside target at the 1.1529 level.

The material has been provided by InstaForex Company - www.instaforex.com

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