Price increased in the morning and looks motivated to approach and reach new highs in the upcoming days. USD drops further versus all its rivals ahead the US data, another disappointment in the afternoon will send the EUR/USD much above the 1.1683 previous high.
USDX is trading in the red and is very close to hit the 0.9383 yesterday’s low, a further drop is favored because is under massive selling pressure on the Daily chart. The index should drop further because we don’t have any reversal sign at this moment, will increase a little in the afternoon only if the United States data will impress.
The main event will be the release of the CB Consumer Confidence, which could drop from 118.9 to 116.5 points.
Price increased a little and tries to approach the 1.1700 psychological level, but he needs to take out the minor resistance from 1.1683. Resistance can be found at the seventh warning line (WL7) of the former descending pitchfork, while the major static resistance is at the 1.1712 level. Is strongly bullish after the impressive breakout above the WL6 and could be attracted also by the upper median line (uml) of the ascending pitchfork.
