Price has dropped and has resumed the bearish candle, but has found strong support at the 1.1822 level and now is trading in the green again. The perspective remains bullish on the Daily chart despite the minor drop, has retreated a little only because the USDX has rebounded and has recovered after the immense drop. We’ll see what will happen on the USDX in the upcoming days because right now is trading in the red even if we had some positive US data.

Technically, the EUR/USD was expected to drop much deeper on the short term after the false breakout above a very strong dynamic resistance. The uptrend remains intact, so right now will be better to stay away because we don’t have any trading opportunity.

The dollar decreased as the USDX has plunged and erased the morning gains. Has failed to retest the lower median line (lml) of the descending pitchfork and now is going to hit the 92.49 static support. Only a rejection from the mentioned support level will signal that we may have a rebound in the upcoming period.

Tomorrow will be crucial for the USD as the United States will publish high impact data, some positive data could signal a first step for the interest rate hike.

Price has squeezed in the last hours and managed to climb above the 1.1900 psychological level. We have a false breakdown below the median line (ml) of the minor descending pitchfork. Technically, we may have a rebound towards the upper median line (uml) of the minor descending pitchfork. Could be attracted by the confluence area formed between the upper median line (uml) of the ascending pitchfork with the upper median line (uml) of the minor descending pitchfork. Could still drop as long as is trading within the descending pitchfork’s body. We may have a selling opportunity if will come higher to retest the mentioned resistance levels. A drop towards the median line (ml) of the ascending pitchfork is still favored  in the upcoming period.