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The EUR/USD pair has increased and recouped some of the latest losses in the last hours. It is trading at 1.0725 at the time of writing and seems strongly bullish as DXY is in a corrective phase in the short term.
Technically, the price tested and retested the immediate support level and seems poised to approach and reach new highs. Today, the fundamentals should still drive the price. You already know from my analyses that US inflation could bring sharp fluctuations today.
The Consumer Price Index m/m and the Core CPI are expected to report a 0.4% growth in the last month, while CPI y/y is expected at 6.0%. Tomorrow, the US is to release high-impact data as well, so positive US data these days could lift the greenback.
Technically, the EUR/USD is trapped between 1.0663 and 1.0736. Escaping from this pattern should bring new trading opportunities. The rate retested the median line (ml) and the 1.0691 downside obstacle and is bout to hit the 1.0736 resistance again.
As long as it stays above the median line (ml), the bias remains bullish. The range pattern is seen as a bullish formation.
A valid breakout above 1.0736 and a new higher high activate the range pattern and is seen as a buying signal. Steeper growth could be activated if the price makes a valid breakout through the upper median line (uml).
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