EUR/USD is trading in the green on the H4 chart at 1.2285. Technically, the pair has shown overbought signs but is premature to go short as long as the rate stays in the buyer's territory.
Euro has received a helping hand from the German Retail Sales which have registered a 1.9% growth in November even if the specialists have expected to see a 2,0% drop. Also, the German Unemployment Change remained in the negative territory at -37K, versus -40K in the former reading period. The traders have expected an increase to 10K.
You should keep an eye on the economic calendar as the US is to release its ISM Manufacturing PMI, ISM Manufacturing Prices, and the Wards Total Vehicle Sales figures later today. The economic data could bring life on EUR/USD.
EUR/USD Bearish Divergence!
EUR/USD is trapped between the inside sliding parallel line (sl) and the outside sliding line (sl1). It has reached the R1 (1.2291) level again after failing to retest the Pivot Point (1.2234) and the sliding line (sl) in the most recent attempt.
Is trapped also between 1.2309 and 1.2214 level, so only a valid breakout from this range could bring us a great trading opportunity. EUR/USD has failed to reach and retest the outside sliding line (sl1) in the last attempts signaling exhausted buyers.
EUR/USD Trading Tips!
Buy a valid breakout above the 1.2309 level and use the 1.24 as a first upside target.
Sell a bearish closure under the 1.2214 level and use the S3 (1.2029) level as a downside target.
