EUR/USD drops after German IFO data.
EUR/USD fell sharply after establishing a monthly peak near 1.0700 and the 55-day MA, down to the 1.0580 area. The pair completely erased Monday's gains, but remained above the 20-day MA at 1.0560. Breaking through here will be a signal that the uptrend in October has ended.
On the H4 frame, the pair maintains below MA 20, showing that selling pressure is still strong. Immediate support will be at 1.0570, then 1.0545 with the downtrend line. If this support is broken, the downward momentum could extend, with the next targets being 1.5025 and 1.0500. On the contrary, if the price breaks through the 1.0610 resistance, selling pressure will ease and strengthen the upward momentum above 1.0640.
On the H4 frame, the pair maintains below MA 20, showing that selling pressure is still strong. Immediate support will be at 1.0570, then 1.0545 with the downtrend line. If this support is broken, the downward momentum could extend, with the next targets being 1.5025 and 1.0500. On the contrary, if the price breaks through the 1.0610 resistance, selling pressure will ease and strengthen the upward momentum above 1.0640.
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