EUR/USD Forex Signal: Oversold Ahead of Consumer Data

$EURUSD forexsignal - The overall trend is bearish and there is a likelihood that the pair will drop to 1.0600.

Enter your emailThe overall trend is bearish and there is a likelihood that the pair will drop to 1.0600.Timeline: 1 day.pair crashed to the lowest level since 2020 even after the strong victory by Emmanuel Macron and the positive business sentiment data in Germany.GET STARTEDThe euro continued its bearish trend as volatility in the financial market continued. The pair ignored the news from Germany and France. On Sunday, Macron had a decisive victory against Marine Le Pen, the right-wing leader.

Confidence declined in the retail and construction sectors although it was offset by thev manufacturing sectors. Still, most companies in Germany are struggling with the ongoing inflation pressures. The other important numbers to watch will be on the housing sector. The statistics agency will publish the latest new home sales numbers. Economists expect the data to show that new home sales fell slightly from 772k to 765k. The US will also publish the house price index data that will shed more color on the healthy of the sector.

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