Home EUR/USD Price Maintains Bullishness Amid Mixed US Data

EUR/USD Price Maintains Bullishness Amid Mixed US Data

  • The EUR/USD pair is bullish as long as it stays above the median line (ml).
  • A new higher high activates further growth.
  • The US data could bring life to the EUR/USD pair.  

The EUR/USD price changed little in the short term. The pair is trading at 1.0377 at the time of writing after failing to stabilize above the 1.0400 key level.

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As you already know, the currency pair increased after the US reported lower inflation in October. The greenback depreciated versus its rivals as the Dollar Index was in a corrective phase. 

The price continues to stay higher after the US reported mixed data yesterday. The Retail Sales rose by 1.3% versus 1.0% growth, while Core Retail Sales surged by 1.3%, beating the 0.5% growth expected. Still, Capacity Utilization Rate and Industrial Production came in worse than expected.

Today, the Eurozone Final CPI may report a 10.7% growth, while Final Core CPI could register a 5.0% growth. On the other hand, the US data could have a big impact on the short term.

The Unemployment Claims could be reported at 228K in the previous week, Philly Fed Manufacturing Index is expected at -6.0 points. At the same time, Building Permits and Housing Starts indicators could be reported lower than the previous reporting period.

Dollar Index price technical analysis: Demand zone

US dollar price

Technically, the Dollar Index found support in the 105.65 and 105.78 support zone. Now, it has jumped above the median line (ml), representing a dynamic resistance. Testing this line could announce a potential bullish momentum. A new leg higher could force the USD to appreciate versus its rivals. 

EUR/USD price technical analysis: Sideways movement

EUR/USD price

As you can see from the hourly chart, the price seems undecided. The bias remains bullish as long as it stays above the median line (m). This line represents dynamic support. Technically, the current sideways movement could represent an upside pattern.

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The 1.0271 represents a downside obstacle as well. In the short term, it could continue to move sideways. Only a new higher high activates an upside continuation, while a new lower low confirms a new downside movement. 

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Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.