EUR/USD Forecast

The EUR/USD continues to stay right below the descending pitchfork‘s median line (ML) after failing to take out the dynamic support represented by the ascending pitchfork’s lower median line (lml).

The pressure remains high after registering a new false breakout through the median line (ML). Also, it has registered a false breakout with great separation above 1.1580 weekly pivot point. Personally, Ive drawn an ascending pitchfork on the H4 chart. The EUR/USD pair may signal a deeper drop if it makes a valid breakdown below the lower median line (lml).

From the technical point of view, a broader rebound, upwards movement will be activated if the pair jumps and stabilizes above the median line (ML), weekly pivot point (1.1580), and above the upside sliding line (SL).

Actually, a new higher high, a bullish closure above 1.1586 todays high may signal further growth in the short term, while a new lower low, a bearish closure below 1.1552 could activate more declines.