The EUR/USD pair maintains a bearish bias as long as it stays below the down trendline. A new lower low may exacerbate more selling. The descending pitchfork’s median line (ML) could attract the price. The EUR/USD price is trading red as the Dollar Index rebounds. The DXY and EUR/USD have a strong negative correlation. The pair is trading around 1.1328 level at the time of writing, far below today’s high of 1.1359. In the short term, the bias remains bearish as the price stands below strong near-term upside obstacles. After yesterday’s better than expected US data, the USD was somehow expected to rise. –Are you interested in learning more about STP brokers? Check our detailed guide- As you already know, the Flash Services PMI and Flash Manufacturing PMI came in better than expected, announcing an expansion in both sectors. Furthermore, the CB Consumer Confidence, HPI, and the S&P/CS Composite-20 HPI reported better than expected figures as well. Today, the German Gfk Consumer Climate was reported at -8.1 points below -6.2 points expected, the Euro-zone Final CPI and the Final Core CPI came in line with expectations. Tomorrow, the US Prelim GDP may register a 7.0% growth versus 6.9% in the previous reporting period, while the Unemployment Claims could drop in the last week to 233K. Get FREE Forex Signals Now! EUR/USD price technical analysis: Sideways movement The EUR/USD pair drops after retesting the down trendline. Technically, the bias remains bearish as long as it stays under this dynamic resistance. The price is trapped between 1.1374 and 1.1280 levels. A valid breakout from this range could bring great trading opportunities and a clear directional bias. As per descending pitchfork, the bearish bias remains intact as long as the pair is traded below the upper median line (UML). The major near-term target is represented at 1.1280. –Are you interested in learning more about forex robots? Check our detailed guide- A new lower low, a valid breakdown below this level, may open the door for a larger drop. As long as it stays within the descending pitchfork’s body, the median line (ml) could attract the price. The current sideways movement could represent a distribution pattern. Only a valid breakout above the immediate resistance levels could invalidate a larger drop. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns EUR/USD Daily share Read Next EUR/USD Outlook: Plummets to 1.1200 as Russia Attacks Ukraine Saqib Iqbal 3 months The EUR/USD pair maintains a bearish bias as long as it stays below the down trendline. A new lower low may exacerbate more selling. The descending pitchfork's median line (ML) could attract the price. The EUR/USD price is trading red as the Dollar Index rebounds. The DXY and EUR/USD have a strong negative correlation. The pair is trading around 1.1328 level at the time of writing, far below today’s high of 1.1359. In the short term, the bias remains bearish as the price stands below strong near-term upside obstacles. After yesterday’s better than expected US data, the USD was somehow… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.