EUR/USD Forex Signal: Extremely Bearish Pattern Forms

It moved below 1.0400 as the US dollar index rebounded. It was trading at 1.0365 on Tuesday, which was about 9% above the lowest point this year.The EUR/USD price formed a double-top pattern ahead of important economic data from Europe and the United States.

Economists polled by Reuters expect that consumer confidence dropped to -23.9 in November as inflation remained at an elevated level. They also expect that the business and consumer survey improved from 92.5 in October to 93.5. These numbers will likely imply that the European Central Bank will continue hiking interest rates in the coming meetings. Recent ECB speakers have hinted towards another 0.75% rate hike in December.

The US will also publish the latest house price index data. With mortgage rates surging, house prices in the US have been in a strong downward trend in the past few months.EUR/USD forecast

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