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The EUR/USD pair rallied in the last hours as the Dollar Index dropped again. The pair was trading at 1.0545 at the time of writing. In the short term, the price seems undecided, the Dollar Index is trapped within a range pattern. From the technical point of view, the EUR/USD pair could extend its sideways movement.
Fundamentally, the German Ifo Business Climate came in at 92.3 points below 92.8 expected, while the Belgian NBB Business Climate dropped from 1.8 to -1.8 even, though traders expected a potential growth of 2.0%.
Earlier, the US Revised UoM Consumer Sentiment dropped from 50.2 to 50.0 weakening the USD. The New Home Sales came in at 696K above 590K expected, but the greenback ignored the positive data and it has depreciated.
EUR/USD escaped from the up-channel pattern signaling a potential sell-off. Unfortunately, the rate found support on the weekly pivot point of 1.0484 invalidating a new downside movement.
Now, it has rebounded and it has retested the broken uptrend line which represents a dynamic resistance. As long as it stays under this line and below the 1.0582 - 1.0601 area, the EUR/USD could drop again.
A new lower low, dropping and closing below the 1.0511 could activate a downside movement at least until the weekly pivot point. This scenario could bring new short opportunities. Taking out the support represented by the pivot point of 1.0484 could confirm a larger drop.
Only a new higher high, jumping and closing above the 1.0601 could bring new long opportunities.
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