The EUR/USD pair changed little in the short term. It's trading at 1.0376 at the time of writing. The price moves sideways trying to attract more buyers and accumulate bullish energy before resuming its growth.
Technically, the Dollar Index moved sideways after reaching a resistance zone. Unfortunately for the USD, the US data came in mixed. The Retail Sales, Core Retail Sales, and Business Inventories came in better than expected, while Industrial Production and Capacity Utilization Rate reported poor data.
Today, the Eurozone is to release the Final CPI and Final Core CPI. On the other hand, the US Philly Fed Manufacturing Index, Unemployment Claims, Building Permits, and Housing Starts could drive the market.
EUR/USD Accumulates More Bullish Energy!EUR/USD maintains a bullish bias as long as it stays above the median line (ml) of the ascending pitchfork. The 1.0368 represented an upside obstacle, so stabilizing above it may signal more gains ahead.
Still, the minor downtrend line represents a dynamic resistance. The price action developed a potential triangle pattern.
EUR/USD Outlook!Staying above the median line (ml) and making a valid breakout through the downtrend line activates further growth at least towards 1.0481. This is seen as a new long opportunity.
A new downside movement could be announced only by a valid breakdown below the median line (ml) and after making a new lower low.