The US Prelim GDP could bring high volatility and sharp movements. A new higher high could activate a larger growth. Making a valid breakdown below the uptrend line could announce a new sell-off. The EUR/USD price rebounded after reaching 1.0641. The pair is trading at 1.0686 at the time of writing. The short-term bias remains bullish. The price may resume its rise as the Dollar Index maintains a bearish bias. –Are you interested in learning more about British Trade Platform Review? Check our detailed guide- Technically, DXY rebounded after finding strong demand but the bounce-back could be only a temporary one. DXY’s deeper drop could force the USD to depreciate against the other major currencies. As you already know, the USD remains sluggish as the US Flash Manufacturing PMI, Flash Services PMI, Durable Goods Orders, and the Core Durable Goods Orders came in worse than expected. Still, after the FOMC Meeting Minutes, the greenback tried to rebound. The Federal Reserve is expected to continue hiking rates in the next monetary meetings. Today, the US is to release high-impact data, that’s why you need to be careful as the volatility could be high. The Prelim GDP is expected to report a 1.3% drop in Q1 versus a 1.4% drop in the last reporting period, Unemployment Claims could be reported at 217K in the last week, while the Pending Home Sales may report a 1.9% fall in April. Get FREE Forex Signals Now! EUR/USD price technical analysis: Bouncing higher As you can see from the 4-hour chart, the EUR/USD pair found support right on the former high of 1.0641 and on the weekly R1 of 1.0650. In the short term, the bias is bullish as long as it stays above the uptrend line. –Are you interested in learning more about buying NFT tokens? Check our detailed guide- Now, it has retested the ascending pitchfork’s upper median line (UML) and the 1.0700 psychological level. These are seen as immediate upside obstacles. Taking out these resistance levels may signal further growth. Actually, only a new higher high, a valid breakout above the 1.0757 key resistance could really activate a larger swing higher. On the other hand, a valid breakdown below the uptrend line could signal that the leg higher ended and that the rate could develop a new sell-off. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money 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. View All Post By Olimpiu Tuns EUR/USD Daily share Read Next AUD/USD Price Quiet Ahead of US GDP, Australia’s Retail Sales Data Saqib Iqbal 8 months The US Prelim GDP could bring high volatility and sharp movements. A new higher high could activate a larger growth. Making a valid breakdown below the uptrend line could announce a new sell-off. The EUR/USD price rebounded after reaching 1.0641. The pair is trading at 1.0686 at the time of writing. The short-term bias remains bullish. The price may resume its rise as the Dollar Index maintains a bearish bias. -Are you interested in learning more about British Trade Platform Review? Check our detailed guide- Technically, DXY rebounded after finding strong demand but the bounce-back could be only a temporary… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.