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The EUR/USD pair is trading in the red at 1.1317 level at the time of writing. The price is still under massive pressure as the Dollar Index seems determined to rebound and recover after its short-term support. In the short term, the DXY could move sideways, so EUR/USD could be nondirectional as well.
The Eurozone PPI could report a 3.6% growth later, while the Unemployment Rate could drop from 7.4% to 7.3%. In addition, the Spanish Unemployment Change could come in around 5.3K versus -0.7K in the previous reporting period.
On the other hand, the US Unemployment Claims could climb from 199K to 238K in the previous week. Still, don't forget that tomorrow, the US is to release its NFP, Unemployment Rate, Average Hourly Earnings, and the ISM Services PMI. These are seen as high-impact events and could bring high volatility and sharp movements.
EUR/USD is trapped between the 1.1300 psychological level and the descending pitchfork's median line (ML). Now, it consolidates above the 23.6% retracement level and it could come back to test and retest the median line (ML).
Jumping, closing, and stabilizing above the median line (ML) could signal an upside continuation in the short term. EUR/USD could drop deeper only if the median line continues to hold. A strong bearish pattern, a false breakout with great separation, or a major bearish engulfing could help the sellers to take the lead.
EUR/USD could develop a larger swing higher if the price makes a valid breakout above the median line (ML) and above the 1.1363 weekly R1. Staying below the median line, EUR/USD could drop deeper anytime.
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