EUR/USD The Bears Are Moving !!!

FX_IDC:EURUSD   Euro / U.S. Dollar
Hello everyone, as we all know the market action discounts everything :)

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After a tranquil start to the day, the EUR/USD pair came under heavy bearish pressure in the early American session, dropping to 1.1751, its lowest level since August 27, before consolidating.
The market has dropped almost 5% in the last 2 days.

Possible Scenarios for the market :

Scenario 1 :

The market is trading at 1.17635 at the time of this post and seems like the Bears are not done with this push-down. The first target for the Bears will be the first support line located at 1.1736 after reaching that line they will not have any problem breaking out that support and they will be headed to the major support at 1.1708 and that's where the main battle will happen, If the Bears keeps control then we will be seeing the market drop even more and reaching at least 1.1666.

Scenario 2 :

After reaching the support line at 1.1708 the Bulls will have a chance to win control over the market but they will need a good amount of buyer power to do so, in case the Bulls steps in and get control back, we will be seeing a bounce in price and that momentum should carry the market back up to the first resistance line at 1.1807.

Technical indicators show :

1) The market is below the 5 10 20 50 100 and 200 MA and EMA (Strong Bearish Sign)
2) The ADX is at 15.32 showing us that the market isn't trending right now, With a negative crossover between DI+(19.79) and DI-(25.07).
3) The MACD crossed the 0 line indicating the market trend changing into Bearish , And a negative crossover is happening right now between the MACD line and the Signal line.

Daily Support and Resistance :
support Resistance
1) 1.1736 1) 1.1807
2) 1.1708 2) 1.1850
3) 1.1666 3) 1.1878

Fundamental point of view :

The euro got a much-needed boost from critical hourly support on the back of news that the European Central Bank expects to hit its elusive 2 percent inflation target by 2025, according to unpublished internal models that suggest it is on course to raise interest rates in just over two years.

The broad-based USD strength on the back of robust macroeconomic data releases weighed heavily on EUR/USD in the second half of the day.
The data published by the US Census Bureau revealed on Thursday that Retail Sales increased by 0.7% in August. With this reading coming in much better than the market expectation for a decline of 0.8%, the greenback continued to outperform its major rivals. Moreover, the Philly Fed Manufacturing Index improved to 30.7 in September from 19.4 in August. On a negative note, the Initial Jobless Claims edged higher to 332,000 in the week ending September 11 from 312,000. Currently, the US Dollar Index is rising 0.47% at 92.92.
In the meantime, the benchmark 10-year US Treasury bond yield is up nearly 2%, providing an additional boost to the USD. According to FXstreet

This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts and news for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!

Thank you for reading.