Thu, Feb 09, 2023 @ 11:46 GMT
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Bullish EURUSD Chart Pattern Remains Valid

The EURUSD pair continues to consolidate at the top-end of its weekly range, as traders await Retail Sales and CPI inflation data from the U.S later today. Yesterday the pair slipped back towards the 1.1825 level, as the United States economy released better than expected PPI figures for September.

Intraday trading sentiment surrounding the EURSD pair this Friday remains bullish, as risk-assets continue to rally and the euro still trades comfortably above the key 1.1800 support level.

Technically, the EURUSD pair is trading in a bullish inverse head and shoulder pattern, with a price projection towards 1.1990. The neckline of the pattern is located around the 1.1825 to 1.1833 region.

The validity of the pattern is likely to be tested later today, as the U.S economy releases high-impact economic data, and a host of FED and ECB officials are also due to speak during the upcoming U.S session.

Key intraday support for the EURUSD pair is found at the daily pivot point, at 1.1846 and the current daily low, at 1.1825. Further support is found at the 1.1800 and 1.1770 levels.

To the upside, key intraday resistance is found at 1.1855 and the weekly price high, at 1.1879. Further resistance is found at the 1.1910 level, and the September 25th swing-price high, at 1.1936.

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