• The R1 is seen as the next potential target.
• The bias is bullish as long as it stays within the ascending pitchfork’s body.
• The US data could shake the price later today.

The EUR/USD price rallied in the short term, briefly moving above the mid-1.0800 level. The pair looks to correct the strong sell-off seen last week.

Fundamentally, the US dollar took a hit from the US New Home Sales yesterday. The economic indicator came in at 662K, versus 675K expected and below 664K in the previous reporting period.

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Today, the EUR received a helping hand from the German Gfk Consumer Climate, which jumped from -28.8 points to -27.4 points. Later, the US economic data should be decisive in the short term.

Durable Goods Orders may announce a 1.2% growth after a 6.2% drop in the previous reporting period, while Core Durable Orders should report a 0.4% growth in February after a 0.4% drop in January.

The HPI and S&P/CS Composite-20 HPI could report better data in January compared to December.

The most important event is the CB Consumer Confidence. The indicator is expected to jump from 106.7 points to 106.9 points, which could be good from the USD.

Technically, the EUR/USD pair bounced back after reaching the demand zone above the 1.0800 psychological level. Now, it has passed above the weekly pivot point of 1.0850 and it seems determined to approach new highs.

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I’ve drawn an ascending pitchfork, trying to catch a larger growth. The price tested the lower median line (lml), confirming this as a dynamic support.

The price could extend its swing if it stays within the ascending pitchfork’s body. The weekly R1 of 1.0898 and the median line (ml) represent potential targets.

https://www.forexcrunch.com/blog/2024/03/26/eur-usd-price-recovers-amid-poor-us-new-home-sales-data/