EUR/USD is currently residing in a corrective volatile structure after retesting and bouncing off 1.1200. Currently, the pair is trading sideways and it is more likely to consolidate today as high impact economic events are released on both sides. Today, The headline IHS Markit Eurozone Retail PMI was published at 52.0 which was worse than the previous value of 52.7, Sentix Investor Confidence showed an increase to 28.4 from the previous value of 27.4 which was expected to be at 27.6, but Retail Sales came in at a worse figure of 0.1% from 0.3% previously which was expected to be at 0.2%. Overall, the eurozone presented mixed economic reports today where negative results are dominating over the positive ones. On the other hand, the US released a series of downbeat reports yesterday like ISM Manufacturing Index at 56.9 which was expected to be at 57.1. Nevertheless, USD managed to gain some grounds against EUR. Today, JOLTS Job opening report is due which is expected to decrease to 5.65M which previously was at 5.74M. Besides, IBD/TIPP Economic Optimism report is expected to edge up to 51.6 from previous value of 51.3. To sum up, the US does not have any high impact news for injecting volatility in the market, but the eurozone has negative economic reports. If the US reports today show positive results, we might see further bearish pressure in this pair in the coming days.
Now let us look at the technical chart. The price is currently hovering above 1.1140-1.1200 support area. As the price remains above this level, the pair be in a bullish bias with a target towards 1.1375 resistance level. Recently, as the pair has been rejected by bulls, we might see short-term bearish pressure in this pair towards the support area of 1.1140-1.1200 before proceeding further upwards.
