The EUR/USD has increased a little in the first part of the day, but the bears have stepped in again and have sent the price much below the 1.0628 yesterday’s low. The greenback has decreased as the USD has become strongly bullish again after the United States economic data was sent to the public.

The price has erased the Tuesday’s gains and could drop much deeper if the USDX will climb much higher, the index is approaching the 102.00 psychological level, where we could find resistance again.

The Euro has decreased even if the European Central Bank has maintained the Minimum Bid Rate on hold at 0.00%, the rate remains unchanged after the decrease from April 2016. Moreover the Euro-zone Current Account has increased from 28.3 to 36.1B, exceeding the 29.3B estimate, the indicator has reached the highest level since June 2016 when the indicator was reported at 36.2B.

The greenback has increased a little as the US data have impressed earlier, the good numbers have forced the USD buyers to step in again and to push the currency higher.

The rate has decreased as much as 1.0588 after the US data were published, but the price has squeezed a little and now looks undecided, is challenging the median line (ML) of the descending pitchfork, remains to see where will close today, he could increase again if will close above the support level.

Technically the price was somehow expected to increase further, the minor decrease could be considered to be a retest of the median line (ml) before will start to climb higher again.

The upside target remains at the upper median line (UML) of the descending pitchfork, the rate could still approach this level as long as will stay inside the ascending pitchfork’s body, could drop to retest the lower median line (lml) of the minor ascending pitchfork before will approach the UML. Will be better to stay away from this pair because we don’t have a clear direction, could move sideways in the coming period, so will have to wait for a fresh new signal.