The EUR/USD pair is trading in the green at 1.0527 on the H1 chart at the time of writing. The price turned to the upside as the Dollar Index dropped. Still, the bias remains bearish, a larger rebound is far from being confirmed.
Fundamentally, the price tries to come back higher after the US ADP Non-Farm Employment Change and the ISM Services PMI came in worse than expected. Today, the German Trade Balance came in better than expected. Furthermore, the US Unemployment Claims and Trade Balance reported better than expected data.
Tomorrow, the German Factory Orders could move the rate a little, but the traders are waiting for the US economic figures before taking action. The NFP is expected at 171K, the Unemployment Rate may drop to 3.7%, while the Average Hourly Earnings could report a 0.3% growth.
EUR/USD Near Strong Resistance!
Technically, the EUR/USD pair tested and retested the inside sliding line (sl) of the ascending pitchfork and now it challenges the 1.0532 former high.
The bias remains bearish as long as it stays below the downtrend line. Staying near 1.0532 and the downtrend line may announce an imminent breakout. Still, false breakouts should announce a new sell-off.
EUR/USD Forecast!
Jumping and closing above 1.0532 and above the downtrend line is seen as a bullish signal. The median line (ml) could attract the price after registering a false breakdown with great separation below the lower median line (lml).
