The EUR/USD has managed to rebound and to climb much higher again. Price continues to move in range on the short term, but I hope that we’ll have a significant move very soon. Technically, it was expected to decrease further on the short term, but seems like will develop a minor chart pattern. The pair increased a little as the USDX slipped lower after another false breakout above the 92.49 static resistance.
The dollar index move somehow sideways as well, but he still needs a bullish spark to be able to climb much higher on the short term. The USD wasn’t impressed by the good United States data, the Unemployment Claims plunged from 282K to 259K in the previous week, has come in much better versus the 302K estimate, while the Philly Fed Manufacturing Index increased from 18.9 to 23.8 points, beating the 17.3 estimate.
The Consumer Confidence was reported at -1 points, much below the -2 estimate, while the CB Leading Index rose by 0.4%, beating the 0.3% estimate.
Price increased after a failure to approach and reach the median line (ml) of the minor descending pitchfork. It could come higher to retest the upper median line (uml) of the descending pitchfork before will decide what to do on the short term.
The price action could develop a minor symmetrical triangle on the Daily chart, a breakout from this pattern will bring us a great trading opportunity. EUR/USD managed to stay above the 1.1910 static support.
