The EUR/USD pair maintains a bearish bias while it stays under the upper median line (UML). The channel’s downside line stands as an immediate downside obstacle. Only a new lower low could activate a larger drop. The EUR/USD price rallied right after the FOMC, but the rebound seems over as the Dollar Index has managed to recover after its massive drop. The pair is trading at a 1.0554 at the time of writing, and it could drop deeper if the DXY resumes its growth. –Are you interested in learning more about spread betting brokers? Check our detailed guide- The bias remains bearish. It could approach fresh lows. As you already know, the Federal Reserve is expected to continue hiking rates in the next monetary policy meetings. The Federal Funds Rate was increased by 50bps in the May meeting, from 0.50% to 1.00%. The analysts are expecting 50bps hikes in the upcoming meetings as well. Hawkish FED could help the USD resume its appreciation and dominate the currency market. Today, the Euro took a hit from the German Factory Orders, which reported a 4.7% drop versus 1.0% expected, while the French Industrial Production dropped by 0.5% more compared to the 0.2% forecasts. The greenback is bullish even if the US Unemployment Claims came in at 200K in the last week versus 180K estimates and 180K in the previous reporting period. Furthermore, Prelim Unit Labor Costs reported a 11.6% growth compared to 10.1% forecasts, while Prelim Nonfarm Productivity fell by 7.5%, more than the 5.1% drop expected. Get FREE Forex Signals Now! EUR/USD price technical analysis: Uptrend channel The EUR/USD pair rallied after jumping above the descending pitchfork’s median line (ml). It climbed as much as 1.0641, but it registered only a false breakout above the 1.0635 static resistance. –Are you interested in learning more about Australian brokers? Check our detailed guide- Also, it has failed to stabilize above the channel’s upside line, signaling that the buyers are exhausted. As a result, 1.0510 and the channel’s upside line represent near-term downside targets. However, after its massive drop, the EUR/USD pair could try to rebound after reaching these support levels. Technically, only a valid breakdown below 1.0480 could activate a larger downside movement. The bias remains bearish as long as it stays under the upper median line (UML). Only a valid breakout through this dynamic resistance could signal that the downside is over. 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 GBP/USD Outlook: BoE-led Bears Pause at 1.2350 Ahead of US NFP Saqib Iqbal 15 hours The EUR/USD pair maintains a bearish bias while it stays under the upper median line (UML). The channel’s downside line stands as an immediate downside obstacle. Only a new lower low could activate a larger drop. The EUR/USD price rallied right after the FOMC, but the rebound seems over as the Dollar Index has managed to recover after its massive drop. The pair is trading at a 1.0554 at the time of writing, and it could drop deeper if the DXY resumes its growth. -Are you interested in learning more about spread betting brokers? Check our detailed guide- The bias… Top 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.