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The EUR/USD pair rallied in the short term as the Dollar Index extended its sell-off. It was trading at 1.0211 at the time of writing and it continues to stay below the near-term resistance levels indicating an imminent breakout.
Technically, the pair is trading sideways, that's why we need to wait for fresh signals. In the short term, it could continue to move sideways. Today, the economic calendar is filled with significant economic data. The Eurozone CPI Flash Estimate is expected to register an 8.7% growth, while the Core CPI Flash Estimate may report a 3.9% growth.
On the other hand, the US Core PCE Price Index may report a 0.5% growth, Revised UoM Consumer Sentiment is expected at 51.1 points, while the Chicago PMI could drop from 56.0 to 55.1. In addition, Personal Spending and Personal Income will be released as well.
The EUR/USD pair found support on the weekly S1 (1.01) and now it challenges the downtrend line again. The upper median line (uml) represents an upside obstacle as well. Taking out these obstacles may signal further growth towards the 1.0269 key resistance.
Staying below the upper median line (uml), registering only false breakouts may signal a new sell-off in the short term. Still, after its failure to approach and reach the median line (ml), the price could jump above the upper median line (uml).
Jumping, closing, and stabilizing above 1.0269 activates an upside continuation and could bring long opportunities.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
