EUR/USD Prints Continuation Pattern!
EUR/USD is traded at 1.1898 level above 1.1886 today’s low. The bias remains bullish as the US Dollar Index is located in the seller’s territory.
Today could be decisive for EUR/USD further development. The US CPI could increase by 0.5% versus 0.4% in the previous reporting period, while the Core CPI may increase by 0.2% in March, versus 0.1% in February.
On the other hand, the Euro-zone ZEW Economic Sentiment is expected to increase from 74.0 to 77.2, while the German ZEW Economic Sentiment could increase to 79.1 from 76.6.
Poor US inflation data should boost EUR/USD, while better than expected US figures and poor Euro-zone data could send the rate down again.
EUR/USD Still Bullish!
EUR/USD reached the median line (ML) of the major descending pitchfork which represents strong dynamic resistance. The price action printed a minor triangle, an upside breakout could validate further growth.
It’s traded below the 38.2% retracement level at the time of writing. Registering a downside breakout from this triangle and closing below the 1.1860 level could activate a sell-off.
Sell a bearish closure under the weekly pivot point (1.1854) with a downside target at the weekly S1 (1.1780).
Buy EUR/USD if the rate jumps and stabilizes above 1.1927 and beyond the median line (ML).
The material has been provided by InstaForex Company – www.instaforex.com