EUR/USD Price Retains Bearishness Below 1.09 Post EU Data

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The Dollar Index remains bullish, so further growth should lift the greenback. Yesterday, the USD received a helping hand from the US Unemployment Claims, which came in better than expected in the last week, at 239K versus 240K estimates. At the same time, the Philly Fed Manufacturing Index was reported at 12.0 points compared to -9.8 points.

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On the other hand, the Eurozone Trade Balance also came in better than expected, at 12.5B versus 3.8B estimated. Today, the EUR/USD pair tried to rebound and recover, but the selling pressure remained high, so the rate erased the minor gains.

The EUR/USD price slipped during the European session, trading at 1.0864 while writing. The downside pressure is high, so more declines are on the cards.

Later, the Canadian economic data could have an impact on the greenback. The greenback is bullish as the FOMC Meeting Minutes signaled potential new hikes in the next monetary policy meetings.

EUR/USD Price Technical Analysis: Bearish dominance

EUR/USD price
EUR/USD price hourly chart

The downside continuation scenario could be invalidated only if the price stays above 1.0861 and jumps above the median line (ml). Temporary rebounds could bring new short opportunities.

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