EUR/USD has fallen a little after reaching 1.1909 today's high. It's located at 1.1879 level as the Dollar Index has managed to recover after its strong drop. The current retreat could be only a temporary one. The EUR/USD pair could resume its growth anytime if the DXY resumes its sell-off.
The greenback has taken a hit from the US Non-Farm Employment Change which was reported at 235K below 720K forecasts and far below 1053K in the previous reporting period. Also, the ISM Services PMI dropped below expectations, from 64.1 to 61.7 points. The specialists have expected only a drop to 61.9 points. EUR/USD could resume its growth even if the Unemployment Rate has come in line with expectations, while the Average Hourly Earnings increased by 0.6% more compared to the 0.3% estimate.
The pair has rallied today only because the DXY has dropped. The eurozone Retail Sales dropped by 2.3% versus 0.0% growth expected, the Final Services PMI dropped from 59.7 to 59.0, while the German Final Services PMI was reported at 60.8 far below 61.5 points.
EUR/USD Small Retreat!
EUR/USD continues to stay above the weekly R2 (1.1874) after its failure to stabilize above the 1.1900 psychological level. It has failed the ascending pitchfork's upper median line (uml) in its last attempt.
In the short term, the pair could move sideways trying to accumulate more bullish energy before jumping higher. I've told you in my previous analyses that EUR/USD could extend its upwards movement after breakout through the upper median line (UML) of a major descending pitchfork.
Forecast!
Jumping and stabilizing above the ascending pitchfork's upper median line (uml), making a new higher high could activate further growth with a potential target at 1.2000 psychological level.
