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04.05.2023 01:55 PMThe EUR/USD pair turned to the downside today but the sell-off was only a short-lived one. Now, it's trading at 1.1067 at the time of writing. The bias remains bullish despite temporary drops. After its strong rally, a retreat was natural.
Still, today, the fundamentals should move the price. The ECB is seen as a high-impact event. As you already know, the European Central Bank is expected to increase the Main Refinancing Rate from 3.50% to 3.75%. The ECB Press Conference should bring high action, so we need to be careful.
As you can see on the H1 chart, EUR/USD extended its growth after the FOMC last night. It has climbed as much as 1.1092. Still, the rate failed once again to stabilize above the 1.1075 static resistance.
It has tested and retested the median line (ml) and the weekly R1 (1.1090). These levels represent upside obstacles. Now, it has dropped a little but it has failed to reach and retest the weekly pivot point of 1.1020.
Testing and retesting the resistance levels, false breakouts may announce a new sell-off in the short term. Still, a valid breakout above 1.1075 and above the median line (ml) should confirm further growth. This could represent a new bullish signal with the first target at the R2 (1.1160).
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