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The EUR/USD pair climbed as much as 1.0788 today where it has found resistance and now it has turned to the downside. Still, the retreat could be only temporary, the rate could test and retest the immediate support levels before jumping higher.
Fundamentally, the Eurozone Trade Balance and German PPI came in better than expected yesterday. Today, the German ZEW Economic Sentiment and Eurozone ZEW Economic Sentiment came in worse than expected, that's why a temporary retreat was natural.
The USD received a helping hand from the US Existing Home Sales which came in at 4.58M versus 4.19M estimated. Tomorrow, the FOMC should bring sharp movements in both directions. A new 25 bps hike is expected, the volatility could be huge around the FOMC Press Conference.
Technically, the currency pair extended its growth after escaping from the minor range between 1.0701 and 1.0730 levels. The median line (ml) represents dynamic support, so the bias is bullish as long as it stays above it.
Now, it has retested the 1.0759 key level which stands as static support. The weekly R1 (1.0780) and 1.0788 represent upside obstacles.
A new higher high, a valid breakout through 1.0788 activates further growth and is seen as a new long opportunity. Also, testing and retesting the median line (ml) and 1.0730 could bring new opportunities as well.
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