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30.01.2023 08:15 AM
EUR/USD accumulates more bullish energy

The EUR/USD pair continues to move sideways in the short term as the Dollar Index moves somehow sideways as well. It's trading at 1.0868 at the time of writing above Friday's low of 1.0837, indicating that the buyers are still very strong.

Fundamentally, the German Prelim GDP may report a 0.0% growth, while Spanish Flash CPI is expected to increase by 4.9%. Still, the fundamentals should have a big impact only tomorrow. The US CB Consumer Confidence is expected to jump to 109.2 from 108.3, while Chicago PMI could come in better compared to the previous reporting period as well. Only better than expected US data and poor Eurozone figures could save the greenback from the downside.

EUR/USD Exhausted Sellers!

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EUR/USD is trapped between the 1.0845 and 1.0926 levels, so only escaping from this range could bring us great trading opportunities. Now, it challenges the 1.0867 historical level after finding resistance at the weekly pivot point of 1.0880.

Technically, the price is also trapped between the median line (ml) and the upper median line (uml) of the descending pitchfork. This is seen as a potential flag, as a bullish pattern.

EUR/USD Forecast!

A valid breakout above the pivot point (1.0880) and above the upper median line (uml) validates further growth up to the range's resistance of 1.0926. Coming back to test and retest 1.0845 may announce a new bullish momentum.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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