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The EUR/USD pair continues to move sideways in the short term. It's trading at 1.0977 at the time of writing. The price registered sharp movements in both directions today as the US reported high-impact events. The bias is still bullish despite minor retreats as the DXY could drop again anytime.
Fundamentally, the US inflation data brought high action in the last hours. The CPI m/m rose by 0.4% as expected, CPI y/y reported a 4.9% growth less compared to the 5.0% growth estimated, while Core CPI increased by 0.4% beating the 0.3% growth forecasted. Tomorrow, the US is to release high-impact data again, such as the PPI, Core PPI, and Unemployment Claims.
The EUR/USD pair is trapped between 1.1000 and 1.0941 in the short term. It has rallied right after the US inflation data but now it has turned to the downside again after registering only false breakouts through the 1.1000 psychological level.
It has dropped within the descending pitchfork's body between the median line (ml) and the upper median line (uml). Technically, this could represent a bullish pattern. Still, this is far from being confirmed.
A new lower low, a bearish closure below 1.0941 activates more declines and is seen as a short opportunity.
A new higher high, a bullish closure above the 1.1000 psychological level activates further growth. This is seen as a bullish signal.
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