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EUR/USD is testing the 1.1348 level and the sliding line (SL). Therefore, a valid breakout will confirm a further upside movement. The pair is trading in the green as USDX stays lower. It remains to be seen how the price will react on the release of the United States inflation data.
I believe that higher growth of the CPI and Core CPI indicators could help USDX to recover. The EUR/USD pair is likely to drop in the short term against such a background. EUR/USD will edge higher if the figures are weak.
EUR/USD is trying to break away from the minor range between the 1.1348 and 1.1168 levels. A valid breakout from this pattern and above the outside sliding parallel line (SL) will validate a rally towards the 1.1495 level.
The pair has confirmed its breakout above the upper median line (UML) of the descending pitchfork. EUR/USD needs to break through the mentioned resistance levels in an attempt to reach fresh highs.
EUR/USD will resume its bullish momentum if it registers a valid breakout above the sliding line (SL) and closes above the 1.1348 static resistance. The R1 (1.1403) is seen as a first upside target. EUR/USD is highly likely to ignore this level if we see a valid breakout above the near-term resistance levels.
The 1.1495, R2 (1.1573), and the first warning line (WL1) could attract the pair if the upside is validated. A false breakout with great separation above the 1.1348 level and above the SL will send the rate down towards the upper median line (UML).
A significant drop could happen only if USDX develops another leg higher and the US dollar Index reverses.
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