The EUR/USD pair climbed as much as 1.1067 today where it has reached strong supply. Now, it has turned to the downside and is trading. After such an impressive rally, a retreat was natural. The rate could test and retest the near-term support levels before jumping higher again. Fundamentally, the CB Consumer Confidence should be decisive later. Poor US figures could bring a new bullish momentum.
Technically, the EUR/USD pair failed to stay above the descending pitchfork’s upper median line (uml) signaling exhausted buyers. Now, it could approach and reach the 1.0982 static support. The bias remains bullish despite this sell-off. The retreat could bring us new long opportunities.
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