The EUR/USD pair has retreated today and has resumed the yesterday’s bearish candle, has decreased below the yesterday’s low from 1.1190, but the USD has lost ground again in the last hours as the US dollar index has decreased and has failed to stay above the 95.57 static resistance, the index remains trapped below this obstacle. The USD wasn’t supported by the United States economic data, which has come in mixed. The EUR/USD maintains a bullish perspective on the short term because is still trading above an important support level. Personally, I’m waiting for a fresh new signal before I’l take any trading decision.
The United States Durable Goods Orders has increased by 0.0% in August, has come surprisingly because the estimate was -1.0%, has come in better, but much below the 3.6% growth from July, while the Core Durable Goods Orders have dropped by 0.4%, less than the -0.5% prediction, but unfortunately for the USD, the indicator has come in much worse compared to the 1.3% growth in the previous reading period, the economic indicator has fallen again in the negative territory after just one month increase.
The FED Chair Yellen Testifies and the ECB President Draghi speech didn’t have a high impact on the EUR/USD movement, but most likely the rate will register significant movement tomorrow after the Euro-zone and the US data will be released. The US is to release the Final GDP along with the Unemployment Claims data, the Gross Domestic Product could increase by 1.3%, more than the 1.1% in the previous quarter, while the Jobless Claims could increase again in the previous week. The greenback is still waiting for a bullish spark, which delays to appear.

The price maintains a bullish perspective as long as is trading above the sliding parallel line (ascending dotted line) and as long as is trading above the descending pitchfork’s body. We’ll have a great trading opportunity if the rate will jump above the short descending sliding line, we have an important confluence area at the intersection of the ascending sliding line with the descending sliding line, which could send the rate higher if will be tested and retested. The rate is moving somehow sideways on the short term, is consolidating the latest gains and looks ready to jump higher because the rate has failed to make new lows, has failed to close below the 1.1123 level. The EUR/USD is trading inside of an ascending channel, between the ascending sliding parallel line and the lower median line (LML) of the major ascending pitchfork. If you want to go long on this pair, then you’ll have to wait for a valid breakout above the short descending sliding line, which represents a very strong resistance.

The price action is forming a triangle chart pattern on the short term, we’ll have a selling opportunity only if the rate will fall below the 1.1123 static support and a buying opportunity if the price will break above the upside line of the triangle.

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