EUR/USD Price Awaits Catalyst to Resume Buying Above 1.09


  • The EUR/USD pair dropped slightly, but the bias remains bullish.
  • The upper median line (UML) represents a potential target.
  • Escaping from the extended range, the EUR/USD pair signaled an upside continuation.

The EUR/USD price dropped slightly after reaching today’s high of 1.0911. The pair is trading at 1.0888 at the time of writing.

Are you interested to learn more about Forex apps? Check our detailed guide-

The USD remains sluggish as the US dollar is bearish. DXY’s deeper drop should force the greenback to lose more ground versus the other major currencies.

Fundamentally, the Flash Services PMI, German Flash Services PMI, and French Flash Manufacturing PMI came in above 50.0 points, signaling expansion. On the other hand, the US Flash Manufacturing PMI and Flash Services PMI came in better than expected but remained deep in the contraction territory.

Later, the German Ifo Business Climate is expected to jump from 88.6 points to 90.2 points. Also, the Bank of Canada could shake the markets today. The Overnight Rate is expected to be increased from 4.25% to 4.50%.

Tomorrow, the US is to release high-impact data. Advance GDP may report a 2.6% growth versus the 3.2% growth in the previous reporting period.

In addition, the Advance GDP Price Index, Durable Goods Orders, Core Durable Goods Orders, Unemployment Claims, New Home Sales, Prelim Wholesale Inventories, and the Goods Trade Balance indicators will be released as well.

EUR/USD price technical analysis: Bullish bias

EUR/USD price

The EUR/USD pair escaped from the range between 1.0780 and 1.0867 levels. However, the price found resistance at the ascending pitchfork’s upper median line (UML).

Are you interested to learn more about STP brokers? Check our detailed guide-

Now, it challenges the median line (ml) and could hit the 1.0867 static support (resistance turned into support). The minor downtrend line is seen as a dynamic support.

The pair could try to resume growth if it stays above these downside obstacles. After testing the weekly pivot point of 1.0840, the price action signaled that the retreat ended and that it could extend its growth. The upper median line (UML) and the 1.0938 represent potential targets.

Looking to trade forex now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

 



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *