The EUR/USD pair continues to move sideways in the short term. Technically, the rate could explode soon, it cannot move in a range for too long. It was trading at 1.0368 at the time of writing and it maintains a bullish bias.
Fundamentally, the Euro-zone and US data came in mixed yesterday, maybe that's why the price is still undecided. Today, ECB President Lagarde's speech could bring some volatility. Later, the US Existing Home Sales could be reported lower at 4.41M compared to 4.71M in the previous reporting period, while CB Leading Index could drop by 0.4% again.
EUR/USD Minor Range!
Technically, the pair is trapped between 1.0406 and 1.0305 levels. It continues to challenge the 1.0368 at the time of writing and is still located above the median line (ml). As long as it stays above it, the bias remains bullish.
The rate escaped from the triangle pattern, but only a new higher high could activate an upside continuation. On the other hand, dropping again below the median line (ml) could announce exhausted buyers and could announce a new sell-off.
EUR/USD Forecast!
A valid breakout above 1.0406 brings new longs, while a new lower low, dropping below 1.0305 is seen as a short opportunity.
