Price remains bullish until more sellers appear. The 1.1712 major static support remains intact, so it could climb higher on the short term. Technically was expected to drop towards the median line (ml) of the minor ascending pitchfork. Could still reach this downside target if will move in range above the 1.1712 level. I’ve said in the previous weeks that we may have a minor consolidation above it, which will signal a further increase on the Daily chart.
Only a valid breakdown below the horizontal support will signal a larger corrective phase, this scenario could take shape only if the US data will impress in the afternoon.
The Euro needs a bullish spark to be able to drive the pair towards new highs in the upcoming hours, the Euro-zone Trade Balance could increase from 19.7B to 20.4B, the Final CPI by 1.3%, same like in the former reading period, while Final Core CPI may increase by 1.2%.
Price posted little gains after the yesterday’s rebound, but remains under some selling pressure after the failure to retest the upper median line (uml) of the ascending pitchfork. Technically was somehow expected to drop towards the median line (ML) of the major ascending pitchfork after the failure to react at least the 150% Fibonacci line (ascending dotted line).
A larger increase will be confirmed after will close above the 1.1909 previous high, but is hard to believe that will jump so high until will retest the median line (ml).
