The EUR/USD pair rallied in the last hours and is now trading at 1.0926 at the time of writing. The price crashed in the short term as the Dollar Index rebounded. Still, the bias remains bullish despite temporary retreats.
Today, the Eurozone PPI, Final Services PMI, and the German Final Services PMI came in better than expected lifting the Euro. Still, you must know that the US data should be decisive later.
The NFP could be reported at 193K versus the 223K in December, Unemployment rate is expected at 3.6% versus 3.5% in the previous reporting period, while Average Hourly Earnings may register a 0.3% growth again. Also, the ISM Services PMI is seen as a high-impact event as well and it's expected to grow from 49.6 points to 50.5 points. Positive US data should help the USD to take the lead again.
EUR/USD Bullish Bias Intact!
As you can see on the H1 chart, the rate tested and retested the 1.0888 static support and now it has turned to the upside again.
It has passed above the median line (ml), R1 (1.0920), and above the 1.0926 upside obstacles signaling strong buyers.
EUR/USD Forecast!
Today's false breakdown with great separation below 1.0888 represented the first buying opportunity. Staying above the median line (ml) and making a valid breakout above 1.0948 activates an upside continuation and offers a new long opportunity.
