The EUR/USD remains under pressure, so further drop is likely. Pair is moving sideways which could represent a distribution before resuming its downside movement. Only a valid breakout through the downtrend line could invalidate a downside continuation. The EUR/USD forecast sees the pair moving sideways in the short term. This could represent a distribution before it resumes its downwards movement. The pressure remains high as the Dollar Index maintains a bullish bias. DXY’s upside continuation should force the EUR/USD to approach and hit fresh new lows. – If you want to find out more about MT4 forex brokers, read our comprehensive guide – The greenback remains bullish even if the US data has come in mixed today. The Durable Good Orders registered a 1.8% growth in August beating the 0.7% estimate and the 0.5% growth registered in July. Moreover, the Core Durable Goods Orders rose by 0.2% less compared to 0.5% expected and after a 0.8% in the last reporting period. On the other hand, the Eurozone Private Loans and the M3 Money Supply indicators were released today but I don’t believe that these figures had an impact on the EUR/USD pair. Tomorrow, the US CB Consumer Confidence, Goods Trade Balance, Prelim Wholesale Inventories, and the German Gfk Consumer Climate could move the price. If you are interested in day trading around economic calendar events then first read out guide on forex day trading. Dollar Index Price Technical Analysis: Key Resistance Area The Dollar Index jumped higher to challenge the 93.43 static resistance again. It’s located at 93.36 after failing to stabilize above the 93.43 obstacle. It has come back to retest the broken third warning line (wl3). DXY could still resume its upside journey as long as it stays above 93.26 weekly pivot point. Making a valid breakout through the weekly R1 (93.54) could activate an upside continuation. This scenario signals USD’s appreciation versus its rivals. EUR/USD Forecast: Price Technical Analysis: Distribution The EUR/USD pair has found temporary support above the weekly S1 (1.1683) and now is located higher at 1.1707. From the technical point of view, the pair could extend its drop as long as it stays under the black downtrend line. It’s trapped between 1.1907 and 1.1663 levels. A valid breakdown from this pattern may activate a larger downside movement. In the short term, it moves sideways between the weekly S1 and R1 levels. This could be a distribution before resuming its sell-off. Get FREE Forex Signals Now! 3 Free Crypto Signals Every Week – Full Technical Analysis 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 Daily LookEUR/USD Daily share Read Next AUD/USD Price Breaks 0.7300 amid Risk-on, Upbeat Retails Sales Saqib Iqbal 1 year The EUR/USD remains under pressure, so further drop is likely. Pair is moving sideways which could represent a distribution before resuming its downside movement. Only a valid breakout through the downtrend line could invalidate a downside continuation. The EUR/USD forecast sees the pair moving sideways in the short term. This could represent a distribution before it resumes its downwards movement. The pressure remains high as the Dollar Index maintains a bullish bias. DXY’s upside continuation should force the EUR/USD to approach and hit fresh new lows. - If you want to find out more about MT4 forex brokers, read our… 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.