EUR/USD is trading sideways in the short term and it could challenge the immediate resistance again. In the short term, the buyers are still very strong. The pair could resume its rebound if the DXY drops deeper.
Still, the DXY has signaled a potential oversold situation in the short term. DXY's rebound should force EUR/USD to drop again. The Revised UoM Consumer Sentiment is expected to increase from 86.4 to 86.5 points.
The Personal Income, Personal Spending, and the Core PCE Price Index could bring some action.
EUR/USD Minor Consolidation!
EUR/USD is pressuring the weekly pivot point (1.1952) level. Making a valid breakout through this level and closing above 1.1970 could really signal an upside continuation.
It is trapped between 1.1970 and 1.1911 levels. An upside breakout from this range brings a long opportunity while a drop below 1.1911 signals a deeper drop.
Trading Conclusion!
Buy EUR/USD if it jumps and closes above 1.1970 level with a potential upside target at 1.2050.
