The EUR/USD pair is trading in the green at 1.0770 at the time of writing and it seems determined to resume its growth as the Dollar Index remains bearish in the short term. DXY's deeper drop could force the greenback to depreciate versus its rivals.
Today, the US banks will be closed in observance of Memorial Day, so the volume and volatility could be lower. Fundamentally, the Spanish Flash CPI rose by 8.7% beating the 8.4% growth expected, while German Import Prices surged by 1.8% less versus 2.1% estimates. Unfortunately for the USD, the US reported poor economic data in the last week, that's why the greenback remains sluggish.
EUR/USD Bullish!
EUR/USD maintains a bullish bias as long as it stays above the uptrend line. It has resumed its growth after retesting the upper median line (uml). Now, it has managed to close above the 1.0757 key resistance and it has reached the 150% Fibonacci line which stands as a dynamic resistance.
In the short term, it could try to confirm its breakout above the 1.0757 static obstacle. Still, only a valid breakdown below the uptrend line could invalidate an upside continuation.
EUR/USD Outlook!
Validating its breakout above 1.0757 may signal an upside continuation. So, stabilizing above this level and making a new higher high, jumping, and closing above 1.0780 could activate further growth and could bring new long opportunities.
