The EUR/USD pair climbed as much as 1.0625 today, registering a new high. Now, it has retreated a little and is trading at 1.0605 at the time of writing. In the short term, the bias remains bullish despite minor retreats.
The Euro dragged the pair higher as the USD was punished by the Dollar Index’s sell-off. Fundamentally, the German Prelim CPI and Spanish Flash CPI came in worse than expected, while German Prelim GDP reported better than expected data.
Tomorrow, the US CB Consumer Confidence is expected lower at 100.1 versus 103.0 in the previous reporting period, Chicago PMI could jump from 44.1 to 45.0 points, while the Employment Cost Index could announce a 1.0% growth. On the other hand, the Eurozone CPI Flash Estimate and Core CPI Flash Estimate could bring more action.
EUR/USD Retests The Buyers!
As you can see on the H1 chart, the rate rallied after retesting the lower median line (lml). Now, it has jumped above the 1.0597 former high and above the inside sliding line of the ascending pitchfork.
Today’s high of 1.0625 represents an upside obstacle. The rate retested the weekly pivot point of 1.0590, registering a false breakdown with great separation below 1.0597 and signaling strong upside pressure.
EUR/USD Outlook!
A bullish closure above 1.0625 activates further growth. This is seen as a buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
The EUR/USD pair climbed as much as 1.0625 today, registering a new high. Now, it has retreated a little and is trading at 1.0605 at the time of writing. In the short term, the bias remains bullish despite minor retreats.
The Euro dragged the pair higher as the USD was punished by the Dollar Index’s sell-off. Fundamentally, the German Prelim CPI and Spanish Flash CPI came in worse than expected, while German Prelim GDP reported better than expected data.
Tomorrow, the US CB Consumer Confidence is expected lower at 100.1 versus 103.0 in the previous reporting period, Chicago PMI could jump from 44.1 to 45.0 points, while the Employment Cost Index could announce a 1.0% growth. On the other hand, the Eurozone CPI Flash Estimate and Core CPI Flash Estimate could bring more action.
EUR/USD Retests The Buyers!
As you can see on the H1 chart, the rate rallied after retesting the lower median line (lml). Now, it has jumped above the 1.0597 former high and above the inside sliding line of the ascending pitchfork.
Today’s high of 1.0625 represents an upside obstacle. The rate retested the weekly pivot point of 1.0590, registering a false breakdown with great separation below 1.0597 and signaling strong upside pressure.
EUR/USD Outlook!
A bullish closure above 1.0625 activates further growth. This is seen as a buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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