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The EUR/USD pair continues to move somehow sideways in the short term. It's trading at 1.0897 at the time of writing. The bias remains bullish despite temporary drops or consolidations.
Fundamentally, the German ifo Business Climate came in at 90.2 points matching expectations and above 88.6 in the previous reporting period. Earlier today, the BOC brought sharp movements in both directions as expected.
Tomorrow, the US data should move the price. The Advance GDP, Advance GDP Price Index, Durable Goods Orders, Core Durable Goods Orders, Unemployment Claims, and New Home Sales figures could really shake the price.
You knew from my previous analysis that EUR/USD maintains a bullish bias as long as it stays adobe the 1.0845 and 1.0867 levels. It has managed to come back above the upper median line (uml) of the descending pitchfork signaling that the buyers are still in the game.
The 150% Fibonacci line and the 1.0926 represent upside obstacles. Actually, the pair is trapped between 1.0926 and 1.0845. Only escaping from this range could bring us new opportunities.
The rate was almost to reach the immediate resistance levels but it failed to close near these obstacles, so it could come back to test and retest 1.0867 and the upper median line (uml). False breakdowns through these levels may announce a new leg higher.
Still, only a valid breakout above 1.0926 validates further growth and is seen as a good long opportunity.
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