• The bias is bullish in the short term.
• A new higher high activates further growth.
• The US data should bring high action tomorrow.

The EUR/USD price retreated a little in the short term after reaching Friday’s high of 1.0752. Now, the pair is trading at 1.0718 at the time of writing.

The US dollar remains under strong downside pressure, which may help the Euro mark a significant rally beyond the previous week’s high.

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Fundamentally, the US Revised UoM Consumer Sentiment came in worse than expected on Friday, while Personal Income and Core PCE Price Index matched expectations.

The US dollar received a helping hand from the Personal Spending indicator, which reported 0.8% growth versus only a 0.6% growth estimate. The Euro remains strong in the short term, even though the German Prelim CPI reported only 0.5% growth compared to the 0.6% growth expected.

Furthermore, the Spanish Flash CPI came in worse than expected as well. Tomorrow, the data docket presents the Eurozone Prelim Flash GDP, CPI Flash Estimate, Core CPI Flash Estimate, and the German Prelim GDP, Retail Sales, and Unemployment Change data.

However, the US economic figures could impact the markets significantly. The CB Consumer Confidence and Employment Cost Index represent high-impact events. Meanwhile, the investors eagerly await FOMC and NFP events this week.

From a technical point of view, the EUR/USD price is trapped between 1.0678 and 1.0750 levels. In the short term, the bias is bullish, so the current range is seen as a potential bullish continuation pattern.

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The price seems undecided, meaning that an extended sideways movement is favored. As you can see on the hourly chart, the price retested the median line (ml), accumulating more bullish energy. However, only a new higher high and a valid breakout above the 1.0752 could trigger an upside continuation.

https://www.forexcrunch.com/blog/2024/04/29/eur-usd-price-gains-traction-above-1-07-eyes-on-eurozone-cpi/