The EUR/USD pair could extend its sell-off if it closed below the lower median line (lml). In the short term, it was somehow expected to rebound after reaching the channel’s downside line. Only a major bullish pattern around the support area could signal a new leg higher. The EUR/USD forecast sees the pair trading in the red at 1.1439 level as the Dollar Index has managed to recover after its temporary decline. The selling pressure remains high, so the currency pair could approach and reach fresh new lows anytime. The price has tried to rebound after its most recent sell-off, but the USD remains very strong. The EUR/USD pair recovered a little only because the United States Prelim UoM Consumer Sentiment was reported lower at 66.8 versus 72.5 expected on Friday. Get FREE Forex Signals Now! 3 Free Forex Every Week – Full Technical Analysis Today, the Euro received a hit from the Euro-zone Trade Balance which was reported at 6.1B far below 12.5B estimates and compared to 9.7B in the previous reporting period. On the other hand, the Empire State Manufacturing Index was reported better than expected. The indicator jumped from 19.8 points to 30.9 points, exceeding the 22.1 forecasts. Tomorrow, the US Retail Sales could report a 1.3% growth in October versus 0.7% growth registered in September, while the Core Retail Sales is expected to rise by 1.0% in the last month compared to 0.8% in the previous reporting period. The Euro-zone Flash GDP, Flash Employment Change, and the French Final CPI will be released as well. If you want to try your hand at forex day trading then read our guide to getting started. EUR/USD Forecast: Price Technical Analysis – Down Channel The EUR/USD pair dropped within a down channel pattern. After reaching the downside line, the price was somehow expected to rebound. Personally, I’ve drawn an ascending pitchfork hoping that I’ll catch a new swing higher. As you can see, the currency pair challenges the ascending pitchfork’s lower median line (lml). Staying above it, registering only false breakdowns through this dynamic support could signal potential growth in the short term. On the contrary, closing and stabilizing under this line may signal further drop at least towards the 1.1422 historical level. Technically, only a strong bullish pattern here could announce a new leg higher. Still, you should keep in mind that the bias is bearish, so the EUR/USD could extend its drop anytime. 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 Forecast: Poised to Break 1.3400, Awaits UK Jobs Data Saqib Iqbal 6 months The EUR/USD pair could extend its sell-off if it closed below the lower median line (lml). In the short term, it was somehow expected to rebound after reaching the channel’s downside line. Only a major bullish pattern around the support area could signal a new leg higher. The EUR/USD forecast sees the pair trading in the red at 1.1439 level as the Dollar Index has managed to recover after its temporary decline. The selling pressure remains high, so the currency pair could approach and reach fresh new lows anytime. The price has tried to rebound after its most recent sell-off,… 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.