EUR/USD has changed little in the last few days but this extended sideways movement cannot continue indefinitely. Maybe the traders are waiting for the FED's message at the Jackson Hole Symposium later today before taking action.
Unfortunately, yesterday's better than expected US data failed to boost the greenback, therefore, the decrease seems unlikely. The US is to release more economic figures during this session but I skeptical that the dollar will have a positive reaction after the latest day's indecision.
EUR/USD is trading in the green at the 1.1834 level, right below the Pivot Point (1.1838) level and within the descending pitchfork's body. A valid breakout from this pitchfork followed by a bullish closure above the R1 (1.1922) will suggest buying.
On the other hand, a valid breakdown below the median line and below the S1 (1.1711) will trigger a bearish move.
- EUR/USD Trading Tips
Buy a valid breakout above 1.1922 level, the target is seen around the R3 1.2134 level.
Sell a drop below 1.1711 - 1.1700 area with a potential downside target at 1.1495 level.
