• Staying above the median line indicates further growth.
• The US and Canadian figures should bring high action later today.
• The EUR/USD pair tries to confirm its breakout.

The EUR/USD price touched 1.0714 today, registering a new weekly high. However, the pair failed to stay above the 1.07 psychological level and is now trading at 1.0686 at the time of writing.

The US dollar rebounded in the short term. That’s why the currency pair slipped lower. However, the greenback remains sluggish as the US Flash Services PMI dropped from 51.7 points to 50.9 points, though the traders had expected a potential growth of 52.0 points, confirming a slowdown in expansion. Meanwhile, Flash Manufacturing PMI dropped unexpectedly from 51.9 to 49.9 points, announcing contraction again in this sector.

On the other hand, the Eurozone, French, and German services sectors confirmed further expansion, so the Euro rallied. Today, the EUR received a helping hand from the German Ifo Business Climate and jumped from 87.8 points to 89.4 points, above the 88.9 points expected.

Later today, the US Durable Goods Orders are expected to report a 2.5% growth, compared to the estimated 1.3% growth, while Core Durable Goods Orders could announce a 0.3% growth for the second month in March.

Furthermore, Canadian retail sales could have an impact on the USD.

Technically, the EUR/USD price rallied after invalidating the breakdown below the weekly pivot point of 1.0647. It has jumped above the descending pitchfork’s median line (ml) and the R1 of 1.0694. These represented upside obstacles, and the price tried to confirm the breakout by retesting these levels.

-Are you looking for automated trading? Check our detailed guide-

Staying above the median line may announce an upside continuation ahead. On the contrary, stabilizing below this line may signal a deeper drop towards the weekly pivot point of 1.0647 again.

https://www.forexcrunch.com/blog/2024/04/24/eur-usd-price-retraces-below-1-07-as-dollar-regains/