The EUR/USD pair dropped a little in the short term after reaching the 1.0113 level. Now, it is located at 1.0043. The price retreated only because the Dollar Index rebounded after its massive drop.
Today, Lagarde's speech had an impact on EUR/USD. Also, the Canadian Employment Rate and the Unemployment Rate came in worse than expected, the greenback took advantage of this situation. Still, after the BOC and ECB, the Dollar Index dropped below critical downside obstacles. DXY's deeper drop should force the USD to depreciate further.
EUR/USD Retesting The Buyers!
EUR/USD has extended its rebound after retesting the broken downtrend line. It has jumped and closed above 1.0090 but failed to stay above these upside obstacles signaling exhausted buyers in the short term.
Now, it could test and retest the 1.0029 immediate support. As long as it stays above the uptrend line, the bias is bullish.
EUR/USD Outlook!
A valid breakout above 1.0090, a new higher high could activate a larger growth and could bring long opportunities.
