The EUR/USD has decreased today and has resumed the yesterday’s bearish candle, we have a little activity right now, but most likely the US session will bring life on the currency market, the US election is expected to bring high high volatility on the international financial markets, remains to see the direction.
The pair ha decreased little as the Euro-zone economic data have disappointed earlier, remains to see what will happen after the US data will be sent to the public. Technically, the rate is expected to drop further after yesterday’s drop, the rate has failed to stay higher, we had a false breakout and now could slip lower again.
The Euro-zone data have come worse today, the Euro has decreased versus the USD because the USDX is fighting hard to rebound, has managed to close above the 97.58 static resistance, has decreased a little today, but only to test the broken resistance level (97.58), the USD should grow further if the USDX will make new highs.
The German Industrial Production has dropped by 1.8%, more versus the 0.4% estimate, has plunged after the 3.0% growth from the last reading period, while the German Trade Balance has decreased a little, from 21.6B to 21.3B, despite that the economists have forecasted an increase to 23.5B. Moreover the French Trade Balance has fallen further, has registered a drop to 4.8B, more than the -4.1B estimate. The French Gov Budget Balance has increased from -96.0B to -83.0B, but wasn’t able to help the Euro to rebound versus the greenback.
We’ll see how the rate will react after the United States JOLTS Job Openings will be released, the indicator may increase from 5.44M to 5.67M, but as I’ve said higher, the today’s main event is the US Presidential Election, the voters will elect the 46th President of the United States, the markets could be shocked if Donal Trump will win the elections.

EURUSDd-2

You can see that the rate has failed once again to close make a valid breakout above the short sliding parallel line (descending dotted line), has failed also to stabilize above the 1.1123 static resistance and now has slipped inside the descending pitchfork’s body, has retested the upper median line (uml) and now is expected to drop further, the next downside target is at the 1.0908 level and at the first warning line (WL1) of the former ascending pitchfork. Technically the price is expected to reach again the median line (ml) of the descending pitchfork, but remains to see where the fundamental factors will drive the rate.

EURUSDh-2

The rate has decreased a little, but continues to stay above the yesterday’s low from 1.1026 level, could retest the upper median line of the Daily descending pitchfork before will drop much deeper. I’ve added a minor descending pitchfork to understand better the price action, a minor increase is favored because the price has failed to stay below the minor median line.

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