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The pair has increased as much as 1.2087 level today but now is trading in the red as the USDX has managed to bounce back. The outlook is bullish, so the decline could be only a temporary one before EUR/USD will accumulate more bullish energy.
The price has continued to increase as the US ISM Manufacturing PMI dropped to 57.5 points, below the 57.9 estimates. Today, Euro has received a helping hand from the German Retail Sales, the economic indicator rose by 2.6%, beating the 1.3% growth expected.
The US ADP Non-Farm Employment Change could bring high volatility on EUR/USD later today.
EUR/USD is traded at 1.2057 level at the time of writing, it has found temporary resistance right above the R2 (1.2072) level and now is testing the broken inside sliding line (sl1). The price could come back trying to test and retest the 1.2 psychological level in the short term.
The current breakout through the inside sliding line (sl) signals further growth. The bullish bias remains intact as long the rate is traded above the 1.2 and above the median line (ml) of the ascending pitchfork.
The aggressive breakout above 1.2 signals further gains ahead even if the price will decrease a little to retest the broken upside obstacles. A bullish closure above the R2 (1.2072) and beyond the 1.2087 high brings a long opportunity.
Also, a sideways movement above 1.2000 could offer a good buying opportunity. The upper median line (uml) could be used as an immediate target. The R3 (1.2181) and the 1.22 are seen as targets as well if EUR/USD continues to increase.
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