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EUR/USD is trading in the green again trying to rebound after the most recent decline. The price was somehow expected to drop after registering an amazing rally. Technically, the pair has come back down to test and retest the immediate support levels before jumping higher.
The US inflation data could be decisive today. The CPI is expected to increase by 0.2% versus 0.6% in the previous reporting period, while the Core CPI could increase by 0.3% in April.
Some poor figures could force the greenback to drop deeper after its temporary appreciation.
EUR/USD found resistance around 1.2177 level and now is trading lower above the 1.2116 static support. The retest of this level was somehow expected after the last rally. It could still reach and retest the weekly pivot point (1.2110) before jumping higher.
The aggressive breakout above the downtrend line signaled that EUR/USD may increase further. The current decline could help us to catch a new upside movement up to the R1 (1.2227).
A false breakdown with great separation or a bullish engulfing printed on 1.2116 or on the weekly pivot (1.2110) could bring a new bullish momentum.
Also, a minor consolidation in the short term followed by a new higher high could signal a new swing higher. The upper median line (UML) is seen as the major upside target.
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