EUR/USD has decreased a little but the bias is bullish in the short term after escaping from a Falling Wedge pattern. Technically, the pair is somehow expected to increase as the DXY has escaped from a Rising Wedge.
Still, it remains to see how the pair will react today after the US inflation data. The fundamentals will move the rate. The CPI is expected to increase by 0.5%, while the Core CPI could register a 0.4% growth.
EUR/USD Falling Wedge!
EUR/USD has decreased a little to test and retest the weekly pivot point (1.1851) which is seen as support. Staying above this level and making a new higher high could really announce potential growth.
Only failing to stabilize above the weekly pivot point could invalidate the bullish scenario and could signal a downside movement.
Outlook!
Buy EUR/USD if the price jumps and stabilizes above the 1.1881 former high. The R1 1.1921 and R2 (1.1965) could be used as upside targets.
