EUR/USD is trading in the green at 1.1795 above 1.1782 today's low. It stands far below 1.1809 today's high. Unfortunately, It has decreased a little only because the Dollar Index has come back to retest a dynamic resistance before dropping deeper.
Fundamentally, the German Prelim CPI increased only by 0.0% versus 0.1% expected and compared to 0.9% in the previous reporting period, while the Spanish Flash CPI increased by 3.3% versus 3.0% expected.
The USD is somehow expected to depreciate versus its rivals after worse than expected US Pending Home Sales.
EUR/USD Challenges Dynamic Resistance!
EUR/USD failed to stabilize above the median line (ml) of the ascending pitchfork signaling exhausted buyers. 1.1809 today's high is seen as static resistance. So, the pair will confirm more gains only after making a new higher high.
Stabilizing under the median line (ml), making a new false breakout above the immediate upside obstacles could signal a potential drop towards the weekly pivot point (1.1763).
Forecast!
We could have fresh buying opportunities if the price comes down towards the weekly pivot point (1.1763). Also, jumping and closing above 1.1809 represents a buying opportunity with an immediate target at the upper median line (UML) of the major descending pitchfork.
The material has been provided by InstaForex Company - www.instaforex.com