The price has posted humble gains today, but the pair has erased the morning gains, the perspective remains bearish as the price is located deep in the seller’s territory. The pair could approach the lowest low from 1.0909 level, any rejection from this pair will attract more buyers, the sentiment will change if the rate will stay above this level. We could have some volatility on this pair after the US will release the economic data, the price will be driven by the fundamental factors as the Euro-zone is publishing the Manufacturing and Services data.
The EUR/USD could increase again in the coming hours if the Euro-zone figures will come better, the French Flash Manufacturing PMI has increased from 48.3 to 48.6 points, but the manufacturing sector remains deep in the contraction territory, moreover the French Flash Services PMI has jumped in the expansion area, the economic indicator has increased from 49.9 points to 50.3 points, the services sector has expanded again after one month contraction.
The German Flash Manufacturing PMI has decreased from 54.5 to 53.7 points, has dropped less than was expected by the traders, the estimate was 53.6, while the German Flash Services PMI has surged from 53.7 54.6 points. The Euro-zone will release the Manufacturing and Services data as well, the Flash Manufacturing PMI could decrease from 52.8 to 52.1, moreover the Flash Services PMI could decrease as well from 52.8 points to 52.3 points, a poor data could punish the Euro, actually remains to see how the price will react after the United States will publish the Flash Manufacturing PMI, the economic indicator could increase 51.3 to 51.9 points.

The price is on a declining path, is approaching the 1.0909 level, where is expected to find strong support, the sentiment could change on this pair if the rate will fail to retest the median line of the descending pitchfork, the pair could move sideways in the coming period if the 1.0909 static support will hold, the perspective remains bearish as long as the rate inside the the descending pitchfork, the pair is somehow expected to drop because has plunged below the previous uptrend line, the downward movement will resume the only if will decrease and below the 1.0909 level, will become strongly bearish if will plunge below the median line of the descending pitchfork, but most likely will climb toward the upper median line (UML) of the descending pitchfork.

I’ve added an ascending pitchfork on the H4 chart, the pair could increase between the lower median line (lml) and the median line (ml), we have a buying signal as the pair has retested the lower median line of the minor ascending pitchfork, could approach the median line of the ascending pitchfork, where is expected to find temporary resistance.

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