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The EUR/USD pair registered strong growth on Friday after the US reported mixed data. It's trading at 1.0685 at the time of writing. The upside pressure remains strong, so it's premature to talk about a new sell-off even if the rate reaches a resistance zone.
Fundamentally, the greenback was punished by the US ISM Services PMI on Friday. The indicator dropped to 49.6 from 56.5 signaling contraction. Today, German Industrial production and the Eurozone Unemployment Rate met expectations. Later, the US is to release the Consumer Credit but I don't think that will have an impact.
Tomorrow, Fed Chair Powell Speaks represents a high-impact event and could really shake the markets. In addition, the US Consumer Price Index and the Core CPI could change the sentiment on Thursday.
Technically, the EUR/USD pair dropped a little after reaching and registering only a false breakout above 1.0695. This is seen as static resistance. 1.0713 represents an upside obstacle as well.
The ascending pitchfork's upper median line (uml) stands as a dynamic resistance. Still, as long as it stays above the 1.0660 immediate low, the bias remains bullish.
A valid breakout through 1.0695 and above 1.0713 resistance levels, a new higher high activates further growth and brings new long opportunities as the EUR/USD pair could extend its upwards movement.
Registering only false breakouts above 1.0695 may signal a new sell-off. A deeper drop could be confirmed from below 1.0660.
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