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The EUR/USD pair rallied at the time of writing as the Dollar Index dropped again. DXY's further drop towards 103.41 former low should force the USD to depreciate versus its rivals. The index signaled that the upside is limited, so a deeper drop is in the cards.
Surprisingly or not, the USD depreciates even if the US data came in better than expected earlier today. The Pending Home Sales rose by 0.7% versus a 3.5% drop expected, Durable Goods Orders surged by 0.7% compared to the 0.1% growth estimated, while the Core Durable Goods Orders registered a 0.7% growth exceeding the 0.4% growth forecasted. Maybe the greenback drops as the US CB Consumer Confidence is expected to drop from 106.4 points to 100.0 points.
As you can see on the H1 chart, the rate continued to increase along the broken uptrend line. Now, it challenges this dynamic resistance as well. The price pressures the 1.0601 static resistance, so it remains to see how it will react around these strong resistance levels.
Taking out the resistance levels may signal an upside continuation. On the other hand, registering only false breakouts indicates that the leg higher ended and that the EUR/USD pair could turn to the downside.
Jumping, closing, and stabilizing above the weekly R1 (1.0620) could activate further growth and could bring a new buying opportunity with a major upside target at 1.0757.
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