The EUR/USD pair is trading at 1.1234 at the time of writing. It has climbed as much as 1.1244 today, registering a new high. Technically, the bias is bullish, but a retreat could be natural after its amazing growth.
Fundamentally, the Eurozone Trade Balance came in better than expected at -0.9B versus -10.3B expected. On the other hand, the US Prelim UoM Consumer Sentiment increased from 64.4 points to 72.6 points, beating the 65.5 points expected.
EUR/USD range pattern
EUR/USD pair found resistance at 1.1243, and now it could turn to the downside. As you can see on the H1 chart, it has registered only false breakouts above this obstacle and through the upper median line (uml) of the ascending pitchfork.
Its failure to stay above the upper median line (uml) signaled exhausted buyers. Still, the former low of 1.1204 represents a critical support.
EUR/USD outlook
Dropping and closing below 1.1204 activates more declines. This is seen as a selling signal.
