The EUR/USD pair is moving sideways in the short term and now it seems determined to extend its growth. It's trading at 1.0983 at the time of writing. You knew from yesterday's analysis that the bias is still bullish and that the price could approach and reach new highs.
Surprisingly or not, the price rallied, even though the Eurozone, German, and French Flash Manufacturing PMI came in worse than expected, signaling further contraction. On the other hand Flash Services PMI came in better than expected.
Later, the US Flash Manufacturing PMI and Flash Services PMI could be decisive in the short term. These are seen as high-impact events, so the volatility should be high.
EUR/USD Range Breakout!
As you can see on the H1 chart, the rate challenges the 1.0982 static resistance. It has failed to test and retest the median line (ml) in the last attempts, signaling strong upside pressure.
A valid breakout from this pattern could bring new trading opportunities. On the contrary, false breakouts through the resistance area may announce a new sell-off. This scenario could take shape only if the US reports better than expected data.
EUR/USD Outlook!
Closing above 1.0982 may announce further growth, this is seen as a bullish signal.
