The EUR/USD pair edged higher and now is located at 1.0831, far above today's low of 1.0782. The price action signaled an oversold situation, still, a new leg higher is far from being confirmed.
Fundamentally, the USD took a hit from the US data earlier today. The CB Consumer Confidence was reported at 106.1 points far below the 116.0 points expected, while JOLTS Job Openings came in at 8.83M compared to 9.49M.
EUR/USD Boosted By Poor US Data!As you can see on the H1 chart, the rate escaped from a minor down channel and now it challenges the Falling Wedge's resistance, the downtrend line. In the short term, it's trapped between 1.0765 and 1.0841 levels.
Staying near the downtrend line and right below 1.0841 may announce an imminent breakout and a potential reversal.
EUR/USD Outlook!A valid breakout through the downtrend line and above 1.0841, a bullish closure above today's high of 1.0850 represents a buying signal as the price could extend its rally.