FX.co ★ EUR/USD trapped between 1.0900 - 1.0835 levels

The EUR/USD pair registered sharp movements in both directions today. It's located at 1.0867 at the time of writing. In the short term, it moves somehow sideways. DXY's rally forced the price to come back down. Still, we have to wait for fresh opportunities as the rate could move sideways.

Fundamentally, the German Factory Orders reported a 6.4% growth versus the 1.1% growth estimated, while the Eurozone Retail Sales registered a 0.0% growth compared to 0.2% growth forecasted. On the other hand, the US reported mixed data as well. The ADP Non-Farm Employment Change, ISM Services PMI, and Final Services PMI came in better than expected, while JOLTS Job Openings, Unemployment Claims, and Trade Balance came in worse than expected.

Tomorrow, the US data could be decisive. The Non-Farm Payrolls, Average Hourly Earnings, and Unemployment Rate should really shake the markets.

EUR/USD Seems Undecided!

As you can see on the H1 chart, the EUR/USD pair is moving somehow sideways. It could move sideways between 1.0900 and 1.0835 levels. Only escaping from this pattern should bring new opportunities.

In my opinion, the EUR/USD pair should explode in one direction after the US data dump tomorrow.

EUR/USD Forecast!

A new lower low, a bearish closure below 1.0835 and under the median line (ml) is seen as a selling opportunity.

Jumping and closing above the weekly pivot point of 1.0910 and above the upper median line (uml) represents a bullish signal.