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The EUR/USD pair rallied in the short term as the Dollar Index dropped again. Now, it's trading at 1.0683, far above 1.0622 today's low. In the short term, the upside pressure remains high, so further growth could be possible.
Fundamentally, the Eurozone Retail Sales rose by 0.3% less compared to the 0.7% growth estimated, while Sentix Investor Confidence came in at -11.1 points below -5.6 points expected. On the other hand, the US Factory orders dropped by 1.6% compared to 1.8% drop estimated and versus the 1.7% growth in the previous reporting period. Tomorrow, the German Factory Orders and the Fed Chair Powell Testifies should move the rate.
EUR/USD pair is almost to reach the 1.0691 former high which represents an upside obstacle. After its strong rally, we cannot exclude a temporary drop. The rate could come back to test and retest the median line (ml) before jumping higher again.
Consolidation above the median line (ml) announces that the price accumulates more bullish energy before jumping towards new highs.
A valid breakout above 1.0687 activates further growth. A bullish closure above this obstacle is seen as a bullish signal. The upper median line (uml) represents an upside target and new obstacle.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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