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EUR/USD is moving sideways in the short term. It is located at 1.1627 level above 1.1602 - 1.1612 support zone. The pair decreased a little only because the US dollar Index has rebounded. The current sideways movement could represent a continuation pattern.
The price tries to accumulate more bullish energy before jumping higher. You should be careful today as the US Services and Manufacturing PMI data may spur volatility in the market.
The German Flash Services PMI is expected to drop from 56.2 to 55.2 points, while the Flash Manufacturing PMI may drop from 58.4 to 56.5 signaling a slow down in expansion. Furthermore, the EU Flash Manufacturing PMI is expected at 57.0 below 58.6 in the previous reporting period, while the Flash Services PMI could drop as well from 56.4 to 55.4 points. In addition, the French Flash Manufacturing PMI and the Flash Services PMI could drop as well. All these figures could have a big impact on the EUR/USD pair.
The US will also release its Flash Manufacturing PMI and the Flash Services PMI figures later today. The fundamentals will drive the markets today.
The EUR/USD pair found resistance at 1.1663 former low. Now, it has dropped again below the weekly R1 (1.1638). As long as it stays above 1.1612, the pair could still increase.
The descending pitchfork's upper median line (UML) could attract the price after failing to come back to test and retest the median line (ML). A bullish pattern here above the 1.1612 - 1.1602 could bring new buying opportunities. Still, a larger upwards movement could be activated by a valid breakout above the descending pitchfork's upper median line (UML).
A false breakdown with great separation below the 1.1612 static support, a major bullish engulfing in this support zone, or failing to make a new lower low could signal new bullish momentum.
Jumping, closing, and stabilizing above the 1.1663 and above the upper median line (UML) will indicate strong bullish momentum.
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