The EUR/USD pair is trading in the red on the H1 chart. Still, the retreat could be only temporary before resuming its growth. The Dollar Index is still in a corrective phase, so a deeper drop or staying lower could lift the currency pair.
Fundamentally, the Spanish Flash CPI rose by 5.8% versus the 6.1% expected and compared to the 6.8% growth in the previous reporting period. Later, the US Chicago PMI could be decisive in the short term. The indicator is expected to increase from 37.2 to 40.1 points.
EUR/USD Minor Drop!
The EUR/USD pair dropped a little in the short term after jumping above the 1.0674 former high and after reaching 1.0690. Now, it has found support on the 1.0638. It's trapped between the 1.0638 and 1.0690 levels.
The lower median line (lml) of the ascending pitchfork represents dynamic support, while the median line (ml) stands as a dynamic resistance.
EUR/USD Outlook!
A new higher high and a valid breakout through the median line (ml) may bring new longs and activate further growth.
